A recent short-term spending bill that failed contained a provision for Pharmacy Benefit Manager (PBM) Reform, which aims to increase transparency and reduce medication costs. According to David Williams of the Taxpayers Protection Alliance, PBMs drive up drug prices by negotiating higher rebates from pharmaceutical companies. The proposed reform could have saved taxpayers $300 million.
Williams emphasized the importance of transparency in PBM operations, stating that “the reform is critical.” With a middleman between drug manufacturers, insurers, and governments, PBMs determine which medications are covered by insurance plans and pay pharmacies. If left unchecked, Williams warns, PBMs continue to drive up medication costs. The issue highlights the need for government oversight to protect taxpayers from excessive pharmaceutical prices.
Source: https://foxbaltimore.com/fox45-mornings