ARLINGTON, Va. – FMI – The Food Industry Association praised the U.S. Senate Commerce Committee’s passage of the bipartisan Pharmacy Benefit Manager Transparency Act of 2022 (S. 4293). The new legislation addresses several anticompetitive practices used by many of the drug middlemen known as pharmacy benefit managers (PBMs) while giving the Federal Trade Commission (FTC) and state attorneys general greater enforcement authorities to prevent PBMs from using their positions to harm patients and/or disadvantage their competitors. Empowering the FTC to stop unfair and deceptive PBM practices that drive up the costs of prescription drugs is particularly important as the Commission recently voted unanimously to launch a formal inquiry into the PBM industry and to ramp up enforcement against those PBMs participating in rebate schemes that block access to cheaper drugs.
FMI chief public policy officer and senior vice president, Government Relations Jennifer Hatcher made the following statement:
“For years, FMI has been highlighting the anticompetitive practices of many PBMs, which harm patients, employers and pharmacies while significantly increasing drug costs and eroding patient access. PBMs stifle competition among the country’s most accessible and trusted health care professionals – pharmacies – and without action from Congress, PBM abuses will force supermarket companies and others with no alternative but to stop opening new pharmacies, or worse, continue leaving the pharmacy business altogether. We applaud Chairwoman Cantwell (D, Wash.) and Sen. Grassley (R, Iowa) for championing this important bill and the Senate Commerce Committee for advancing it. We also look forward to working with the Committee, Senate leadership and the many pharmacy champions to get this legislation across the finish line.”