FMI thanks Chairwoman Cantwell and Sen. Grassley for championing the PBM Transparency Act.

Our bill has guardrails. It does not give FTC any new power or regulatory authority.

I have long had concerns with the FTC's vague statutory authority, but at this moment, we cannot ignore the current state of affairs at the FTC.

FMI thanks Chairwoman Cantwell and Sen. Grassley for championing the PBM Transparency Act.

It requires the FTC to study pharmaceutical intermediaries and issue a report and recommendations to Congress within one year.

Today, three PBMs control 80 percent of the market.

PBMs are blocking a cheaper product.

The Cantwell-Grassley PBM Transparency Act directs the FTC to end well-known and documented PBM practices that drive up consumer costs.

I have long had concerns with the FTC's vague statutory authority, but at this moment, we cannot ignore the current state of affairs at the FTC.

PBMs are blocking a cheaper product.

I worked at the FTC, and I can tell you that with the Agency's overreach and activism, which will no doubt be difficult to sustain in court, it is no surprise that FTC staff morale has dramatically dropped.

PBMs are blocking a cheaper product.

I've hauled Big Pharma and PBM executives before the Finance Committee.

I believe, like Senator Cruz just said, that the consumer ought to be the point of everything that we are trying to accomplish.

I believe, like Senator Cruz just said, that the consumer ought to be the point of everything that we are trying to accomplish.

I worked at the FTC, and I can tell you that with the Agency's overreach and activism, which will no doubt be difficult to sustain in court, it is no surprise that FTC staff morale has dramatically dropped.

Today, three PBMs control 80 percent of the market.

improved information sharing between CBP and its private-sector partners would aid efforts to identify and curtail the sale of counterfeit imports.