PBM Transparency in Prescription Drug Costs Act
Congressman Kurt Schrader (D-OR) introduced the bipartisan PBM Transparency in Prescription Drug Costs Act (HR 5304) with Congressman Greg Gianforte (R-MT). This bill will mandate quarterly reports on the costs, fees and rebate information associated with pharmacy benefit manager (PBMs) contracts ensuring that employers know the true costs of the services that they are paying for, and passing on savings to consumers.
States, local governments, organizations and business use PBMs to negotiate lower drug prices for the individuals on their health insurance plans. Three organizations control eighty-five percent of this market. While PBMs play a crucial role in the drug supply chain, the lack of transparency into their practices has contributed to the rising cost of prescription drugs.
Tags: Health Care