Chuck Grassley: “Throughout my annual 99-county tour of Iowa, I have learned firsthand from patients and pharmacists about the powerful…”

“Throughout my annual 99-county tour of Iowa, I have learned firsthand from patients and pharmacists about the powerful and negative role that pharmacy benefit managers play in our prescription drug supply chain. I led a 2-year investigation into insulin price-gouging that showed PBMs encouraged drugmakers to spike the drug's list price in order to offer greater rebates. This secured manufacturers' priority placement on covered meds--all at the expense of patients. I have pressed the Federal Trade Commission, the FTC, to study PBMs. The FTC's two interim staff reports are very helpful, but I am eager to get the FTC's full study. In April, I held a Judiciary Committee markup that advanced to the Senate floor my Prescription Pricing for the People Act. The bill will hold the FTC accountable for producing their PBM study in a timely manner. A timely report on PBMs is critical, but we can stop some anti-competitive PBM behavior today. Arbitrary clawbacks and spread pricing are documented tactics PBMs deploy to fill their pockets at the expense of patients and pharmacies. This must stop. Senator Cantwell and I worked on the PBM Transparency Act through the Commerce Committee to direct the FTC to stop deceptive and unfair pricing schemes by PBMs and require more transparency. I have also worked on and supported the Finance Committee's PBM legislation from the last Congress. Iowans are fed up with the skyrocketing costs of prescription drugs and reduced access.”