U.S. Senate Commerce Committee Legislative Hearing on the PBMs Transparency Act of 2023
Bringing Transparency and Accountability to Pharmacy Benefit Managers
U.S. Senator Maria Cantwell (D-Wash.), Chair of the Senate Committee on Commerce, Science and Transportation, convened a full committee hearing titled “Bringing Transparency and Accountability to Pharmacy Benefit Managers” on Thursday, February 16, 2023. Americans are paying increasingly more for their necessary prescription medications and there is little transparency into how drug prices are determined. Pharmacy benefit managers (PBMs) have a large role in how Americans access their medications and how much they pay, but PBMs operate out of the view of regulators and consumers. This hearing addressed how the “Pharmacy Benefit Manager Transparency Act” will bring transparency into PBM business practices and prohibit unfair or deceptive PBM conduct that drives up costs for consumers. The bipartisan S. 127, Pharmacy Benefit Manager Transparency Act of 2023, was introduced by Chair Cantwell and Sen. Chuck Grassley (R-Iowa), on January 27, 2023.
Participants:
U.S. Senator Maria Cantwell (D-Wash.), Chair of the Senate Committee on Commerce, Science and Transportation
U.S. Senator Chuck Grassley (R-Iowa)
Ryan Oftebro, PharmD, FACA; CEO of Seattle-based independent pharmacy Kelley-Ross Pharmacy Group
Debra Patt, M.D., Ph.D., MBA; Oncologist, Texas Oncology
Erin Trish, PhD; Co-Director and Associate Professor of Pharmaceutical and Health Economics, Schaeffer Center, University of Southern California
Casey B. Mulligan, PhD; Professor in Economics, University of Chicago