TAPP Urges Congress to Reform PBMs

On Friday, Trade Alliance to Promote Prosperity Executive Director Kent Kaiser, Ph.D., wrote a letter to several members of Congress urging them to pass S.2973 and S.3430 this year in order to reform pharmacy benefit managers (PBMs).

Kaiser wrote, in part, “PBMs were conceived to provide a mechanism to help manage prescription drug costs and overall benefits. Yet PBMs are turning potential prescription drug savings into the highest rates of profit in the entire prescription drug supply chain. Three major PBMs compose more than 75% of the market. They have become so profitable that they are among the Fortune 25 companies – ranked higher than the very drug manufacturers whose prices they promised to control.”

Read the full letter here.