Charleston Leader

U.S. Senator Shelley Moore Capito, along with 13 other Senate colleagues, has called on the Federal Trade Commission (FTC) to complete its investigation into Pharmacy Benefit Managers (PBMs), the powerful middlemen in the health care industry. Led by Senators Chuck Grassley and Maria Cantwell, this bipartisan effort aims to shed light on the business practices of PBMs and understand their impact on prescription drug prices.

In a letter addressed to FTC Chair Lina Khan, the senators expressed their support for the FTC's ongoing study of PBM practices and requested a progress report on the investigation, which has been open for over 18 months. They emphasized the urgency of completing the study without delay, stating, "We believe it is important to know the status of the study and therefore ask the FTC to issue a progress report."

PBMs play a crucial role in managing the prescription drug benefit process. They have the power to set prescription prices, determine which drugs are covered by insurance plans, and decide how they are dispensed. Currently, three out of the six companies under FTC investigation control nearly 80% of the market. Despite their significant influence, there is a lack of transparency regarding their operations, leaving Congress and taxpayers in the dark.

Senator Capito and her colleagues are committed to identifying the reasons behind the skyrocketing prices patients face when purchasing prescription drugs. By scrutinizing PBMs, they aim to find solutions to address this issue. Senator Capito's efforts in this regard include introducing the Protect Patient Access to Pharmacies Act in June 2023. This act ensures that all pharmacy price concessions are assessed at the point of sale and eliminates retroactive DIR clawback fees imposed by PBMs. The legislation aims to support local pharmacies and ensure that Medicare patients have access to medications and information from trusted pharmacists.

Furthermore, in March 2023, Senator Capito co-sponsored the Pharmacy Benefit Manager Transparency Act, which passed the Senate Commerce, Science, and Transportation Committee and now awaits a full Senate vote. This act aims to bring greater transparency to the operations of PBMs and address the concerns surrounding their practices.

The senators' letter to the FTC Chair can be found here for further reference.

Through their bipartisan efforts, Senator Capito and her colleagues are working towards holding PBMs accountable for their role in the rising costs of prescription drugs. By urging the FTC to complete its investigation and provide a progress report, they are taking a significant step in bringing transparency and potential solutions to the forefront.