Washington, D.C. (October 29, 2019)—PhRMA President and CEO Stephen J. Ubl issued the following statement today on House PBM Transparency Bills:
“The House’s unanimous passage of pharmacy benefit managers (PBM) transparency measures yesterday demonstrates growing bi-partisan support to reform the rebate system. Shining a light on opaque PBM practices is a crucial first step toward building a system that works better for patients, providers and payers alike. We applaud the House’s leadership on this issue and want to continue to work with them to ensure transparency measures also capture the significant fees and administrative costs PBMs often require of biopharmaceutical companies, pharmacies and employers. Recent data show that total fees paid to PBMs have nearly quadrupled in recent years. In addition, we will continue to work with policymakers to advance reforms that ensure PBMs share negotiated savings with patients at the pharmacy counter and are no longer compensated off the list price of a medicine.”
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier, and more productive lives. Since 2000, PhRMA member companies have invested more than $900 billion in the search for new treatments and cures, including an estimated $79.6 billion in 2018 alone.
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