Florida Gov. Ron DeSantis has signed legislation designed to lower prescription drug prices by, among other things, curbing the power of industry middlemen, the pharmacy benefit managers (PBMs). Those third-party administrators typically process and pay drug claims of health plans, and negotiate discounts with drug manufacturers and pharmacies. In a signing ceremony on May 3,…
Experts Say Transparency Needed in Drug Pricing Practices
Sen. Ron Wyden (D-Ore.) says it’s time for Congress to shine a light on a business with extraordinary control over prescription drug prices—Pharmacy Benefit Managers (PBM). “I believe this is an industry going in the wrong direction,” Wyden said during a hearing hosted by the Senate Finance Committee on March 30. The hearing was titled…
DeSantis Moves to Lower Prescription Drug Prices, Regulate ‘Middlemen’
In a bid to bring down prescription drug prices in Florida, Gov. Ron DeSantis, on Jan. 12, announced initiatives aimed at drug manufacturers and pharmacy benefit managers (PBMs), the companies that act as middlemen in the process. The measures, which he’ll work with the legislature to carry out, “will protect consumers and increase accountability,” the…
Drug Prices Can Drop 50-60 Percent If Practices of Prescription Drug Middlemen Properly Addressed: Former FDA Official
The Federal Trade Commission (FTC) on June 7 launched a comprehensive probe into pharmacy benefit manager (PBM) companies—those acting as middlemen that manage prescription drug benefits on behalf of health insurers, large employers, and other payers. According to the FTC, it plans to “examine pharmacy benefit managers’ role at the center of the U.S. pharmaceutical…
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