Submitted by Dan Telford.
The Senate Health, Education, Labor, and Pensions Committee in Congress is preparing to discuss healthcare again this week. I ask the US Senators, including ours in Washington to save us all a buck by hold Pharmacy Benefit Managers (PBM) accountable in SB 1375.
PBMs work with drug manufacturers to secure deals or rebates that are supposed to lower out of pocket costs for patients at the pharmacy counter. Often times it doesn’t work that way and people get the short end of the stick, the PBMs pocket these rebates for themselves to boost their profits—ultimately putting their own interests above the patients that they claim to represent.
Now there is a chance of legislation that ensures rebates are being passed down to patients. This is a more effective policy compared to more government prescription price controls since it will lower out of pocket costs without restricting resources scientists and researchers may need to develop the next level of treatments.
There is a bill being considered in the US Senate, the Pharmacy Benefit Manager Transparency Act, with strong bi-partisan support. Lead sponsors are Democratic Senator Maria Cantwell, Washington, and Republican Senator Charles Grassley, Iowa. The correct bill number is S. 127. Pharmacy benefit managers negotiate prices with Big Pharma, but too often managers pocket the rebates, and do not share them with folks who need the medicines. If enacted into law, S. 127 is estimated to save $740 million for seniors. Let both our senators know this deserves support.