What are PBMs?
PBMs, which stands for Pharmacy Benefit Managers, are insurance company middlemen extorting money from patients and small community pharmacies. Although they were initially established to assist in the management of prescription drug costs and overall benefits, in reality, PBMs are redirecting potential savings from prescription drugs toward maximizing profits within the prescription drug supply chain. The market is dominated by three major PBM companies holding an 80% share. These PBMs have become highly profitable over time, to the point where they rank higher on the Fortune 25 companies list than the drug manufacturers whose prices they promised to regulate.
What is Being Done?
Congress is acting in a bipartisan way to take on these PBMs and deliver lower costs for patients. Recently introduced, the Delinking Revenue from Unfair Gouging (DRUG) Act could lower drug costs and prevent massive Pharmacy Benefit Managers (PBMs) from price-gouging consumers. The bill would prohibit PBMs from making more money on high-cost drugs than they do from lower-cost drugs to even the playing field for patients.
What Can I Do?
Contact your Senator and ask them to support legislation that holds PBMs accountable.
Senator Jon Tester: (202) 224-2644
Senator Tim Kaine: (202) 224-4024
Senator John Hickenlooper: (202) 224-5941
Senate Switchboard: (202) 224-3121
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