WASHINGTON—As part of an ongoing investigation into Pharmacy Benefit Managers’ (PBMs) role in rising health care costs, House Committee on Oversight and Accountability Chairman James Comer (R-Ky.) today announced an upcoming hearing titled, “The Role of Pharmacy Benefit Managers in Prescription Drug Markets Part III: Transparency and Accountability.” At the hearing, members will examine how PBMs have used their position as middlemen to cement anticompetitive policies which have increased prescription drug costs, hurt independent pharmacies, and harmed patient care. Chief executives from three large PBMs, which collectively control 80 percent of the health market—CVS Caremark, Express Scripts, and OptumRx—are set to testify on their role in rising health care costs.
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“Both Republicans and Democrats on the House Oversight Committee have sounded the alarm over anticompetitive tactics deployed by Pharmacy Benefit Managers and their role in rising drug prices. Information the Committee has obtained shows spread pricing and rebates benefit PBMs and have helped the three largest PBMs monopolize the pharmaceutical market. It’s clear these self-benefitting practices only serve to help their bottom line rather than patients,” said Chairman Comer. “PBMs have been allowed to hide in the shadows for far too long. I look forward to the Oversight Committee continuing to work in a bipartisan fashion to shine a light on how these PBMs have undermined community pharmacies, raised prescriptions drug prices, and jeopardized patient care.”
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On March 1, 2023, Chairman Comer launched an investigation into PBMs’ role in rising health care costs. Information obtained by the Committee reveals PBMs have pushed deliberate, anticompetitive tactics, causing Americans to suffer from rising health care premiums and expensive prescription drug prices. Earlier this year, the Committee passed—with broad bipartisan support—the Delinking Revenue from Unfair Gouging (DRUG) Act which would reign in abusive practices by some PBMs that offer health plans under the Federal Employees Health Benefits program. State legislatures across the country have passed legislation preventing PBM anticompetitive practices and requiring transparency in pricing and contracts. The Federal Trade Commission also has an ongoing investigation into PBMs’ anticompetitive actions. The Committee will continue to consider legislative solutions and work to ensure accountability for harmful PBM practices.
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WHAT: Hearing titled, “The Role of Pharmacy Benefit Managers in Prescription Drug Markets Part III: Transparency and Accountability”
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DATE: Tuesday, July 23, 2024
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TIME: 10:00 AM EST
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LOCATION: 2154 Rayburn House Office Building
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WITNESSES:
Adam Kautzner, PharmD – President, Evernorth Care Management & Express Scripts
David Joyner – Executive Vice President, CVS Health, and President CVS Caremark
Patrick Conway, MD – Chief Executive Officer, OptumRx
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WATCH: The hearing will be open to the public and press and will be livestreamed online at https://oversight.house.gov/
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READ MORE:
Hearing Wrap Up: Pharmacy Benefit Managers Prioritize Their Pocketbooks Over Patient Care
Hearing Wrap Up: Pharmacy Benefit Managers Push Anticompetitive Drug Pricing Tactics to Line Their Own PocketsICYMI: Comer Speaks at Event on Bipartisan Action on PBM Accountability