Senate Hearing on Drug Pricing Focuses on Pharmacy Benefit Managers
By Kristen Coppock
A hearing of the US Senate’s Finance Committee on Tuesday addressed drug pricing and the role pharmacy benefit managers (PBMs) play in determining cost to patients.
The hearing, “Drug Pricing in America: A Prescription for Change, Part III,” gave PBMs an opportunity to testify about the issue and provide insight into what the role entails. The Senate previously addressed the issue with patient advocates and pharmaceutical company executives providing testimony.
In his opening statement, committee chairman Sen. Chuck Grassley (R-Iowa) said that Medicare prescription drug plans hire PBMs to manage Part D benefits…