WASHINGTON, D.C. – Congressman Earl L. “Buddy” Carter (GA-01), Chairman of the Subcommittee on Health, led a hearing yesterday titled An Examination of How Reining in PBMs Will Drive Competition and Lower Costs for Patients.

“Patients are counting on us to stop the abusive practices that drive up out-of-pocket costs on their prescription drugs,” said Chairman Carter. “This Committee has worked to identify bipartisan solutions that will meaningfully help patients access their medications. Yesterday’s hearing gave us a chance to further hear from medical professionals and policy experts on why reining in PBMs and increasing transparency in the system will improve our health care system for all Americans.”

Watch the full hearing here.

Below are key excerpts from yesterday’s hearing:

Rep. Diana Harshbarger (TN-01): “I say this in every PBM hearing, and I'm going to say it again today. PBMs don't treat a single patient. They don't cure a single disease, and they don't insure a single American. So, the bottom line is: it's all about the patients, isn't it, gentlemen? It certainly is and how they're losing access to pharmacy choice. It’s those pharmacies who, in most communities, are your independent pharmacies which are the most trusted and the most readily available healthcare provider in that community. So, PBM reform is a bipartisan issue, and you know what that means? That means that both sides agree on this issue. It's not an issue of contention. It's important that we get some PBM reform done.”

Rep. Mariannette Miller-Meeks (IA-01): “It's no secret that PBM middlemen artificially inflate the cost of and limit access to prescription drugs. This occurs at the expense of patients who receive health insurance in public and private markets and impacts patients of all ages. PBMs claim they reduce prices by holding pharmaceutical companies accountable. This is done, they contend, by requiring rebates on drugs, which are then passed on to the beneficiary. While PBMs often do negotiate discounts for manufacturers, patients are not the ones who benefit from them. In Medicare Part D, for example, patient cost sharing is based off the list price of drugs, which are artificially inflated to extract a higher rebate. As a result, of these practices for 79 of the 100 most rebated drugs in Medicare Part D, beneficiaries pay more for their drug than their insurer. Again, demonstrating that beneficiaries, in this case, seniors are not benefiting from the rebates.”

Rep. Troy Balderson (OH-12): “As a result of PBM's indecent practices, independent pharmacies around the country are closing. I know that in my district we are not strangers to this issue. I hear from my friends, family, and constituents alike that their trusted pharmacies have closed after decades of serving their communities. Pharmacy deserts have continued to grow and patients no longer have access to patient pharmacist relationships that has helped them manage complex medication regimes and diseases. It's estimated that between 2018 and 2021 alone, the number of pharmacies has declined in 41 states. So, this is not just an Ohio problem. This is not a rural problem. This is a countrywide issue that needs addressed.”

###