A bipartisan group of lawmakers is introducing a bill to break up pharmacy benefit managers (PBMs), forcing them to sell their pharmacy businesses within three years. The legislation, known as the Patients Before Monopolies Act, aims to curb high drug prices and increase competition in the industry.
The bill, introduced by Senators Elizabeth Warren and Josh Hawley, would require healthcare companies that own health insurers or PBMs to divest their pharmacy assets. This move could significantly benefit independent pharmacies, which have accused PBMs of paying them lower rates for dispensing medication.
While some experts argue that forcing PBMs to sell their pharmacies may not have a significant impact on patients, it could lead to increased competition and lower costs for consumers. The bill has been endorsed by several pharmacy groups and patient advocacy associations, but its future remains uncertain due to the current divided Congress.
The Pharmaceutical Care Management Association (PCMA), which represents major PBMs, argues that their role in negotiating discounts with drugmakers is crucial to controlling costs. However, critics claim that PBMs’ business practices drive up costs for patients.
Ultimately, the PBM Act’s success depends on its ability to address the root causes of high drug prices and promote competition in the industry.
Source: https://www.healthcaredive.com/news/pbm-act-force-pharmacy-sales-introduced-unitedhealth-cigna-cvs/735233