WASHINGTON – Sens. Chuck Grassley (R-Iowa)
and Maria Cantwell (D-Wash.) reintroduced legislation requiring the
Federal Trade Commission (FTC) to study the role and recent merger activity of
pharmacy benefit managers (PBMs), including possible anticompetitive
behavior.
The Prescription
Pricing for the People Act requires the
FTC to examine the effects of consolidation on pricing and other
potentially abusive behavior within the PBM industry,
and provide policy recommendations to Congress to improve competition and
protect consumers.
“PBMs play a significant role in determining how much
patients and the government pay for prescriptions. Much of their
business model is cloaked in secrecy, and the industry has experienced
significant consolidation in recent years. Our bill will provide Congress
with a better understanding of the PBM industry, so any future
legislation can better protect patients and safeguard competition,” Grassley
said.
“Greater
transparency and oversight are needed to increase competition and make sure
patients get a fair deal on the medications they need. People’s lives depend on
access to affordable medicine,” said Cantwell.
The legislation is cosponsored
by Sens. Marsha Blackburn (R-Tenn.), Richard
Blumenthal (D-Conn.), Thom Tills (R-N.C.) and Joni Ernst (R-Iowa).
A one page summary of the
bill can be found
HERE
and full legislative text can be found
HERE.
-30-