James Comer: “I have become increasingly concerned that the consolidation and monopolistic nature of pharmacy benefit managers, or…”

“I have become increasingly concerned that the consolidation and monopolistic nature of pharmacy benefit managers, or PBMs has negatively impacted competition in the pharmaceutical marketplace, leading Americans to spend more on prescription drugs than any other country. These PBMs not only raise patient costs but are potentially engaged in anticompetitive behavior. The legislation before us today includes language requiring PBMs to issue reports to employer sponsors of health plans outlining information that they have been unwilling to provide to their customers, including copays applied by insurers to drug manufacturer costs, rebates received from manufacturers, and the PBM's rationale for choosing certain brand name drugs over more affordable biosimilars, generics, or therapeutics for their formularies. Simply providing this information to the participants in group health plans is expected to save over $2 billion over 10 years. These biannual, employer or sponsor-specific reports will allow participants in group health plans to make informed decisions about the services their PBM is providing and reduce patient costs for prescription drugs. We cannot have a serious conversation about lowering drug prices in America without examining PBMs' ever-growing influence.”