WASHINGTON, DC – Mark Merritt, Executive Director of Insurance Watchdog Coalition, issued the following statement in response to a Bloomberg news report that pharmacy benefit managers (PBMs) are attempting to avoid federal regulation through a possible deal:
“In President Trump’s first term, the PBM and health insurer lobbies pledged to fix prescription drug coverage and reduce costs at the pharmacy counter. Nothing changed. Now they’re making the same hollow promises in his second term — and hoping no one will notice. (1) (2)
The PBM lobby is once again promising to bring drug costs down, but actions speak louder than words. Americans are paying more for prescription drug coverage and getting less in return.
Real reform is the only answer. The PBM Reform Act would ban hidden markups and spread pricing, forcing PBMs to compete on value rather than on complexity. And Senator Bill Cassidy’s No UPCODE Act would make it far harder for plans to overbill Medicare Advantage. Recycled pledges change nothing — and leave patients and taxpayers paying more than they should for prescription drugs.”
Footnotes:
PCMA, “Pharmacy Benefit Managers Support Transparency for Consumers, Health Plan Sponsors, Policymakers,” July 11, 2019 — pledged to provide real-time benefit tools and disclose PBM contract and rebate terms. Link
PCMA, “Pharmacy Benefit Managers Support Increased Transparency in Prescription Drug Supply Chain,” May 20, 2019 — pledged to disclose contract terms, rebates, fees, and support transparency across the supply chain. Link