As legislative season begins, lawmakers should be careful about PBM ‘reform’
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Lawmakers looking to reduce prescription drug prices should take note.
Like all industries, PBMs have their flaws, but this case showed CVS forcing a needed price correction. And it should be front of mind for lawmakers who, yes, should insist on greater PBM transparency, but also must be aware of both the constitutional limitations on so-called “reforms” and how overregulating PBMs will impact constituents’ drug prices.
As lawmakers look for solutions to Americans’ record-high health care costs, they should realize that any cost-reduction effort must include prescriptions — and that means working with PBMs. Reform-minded leaders should work with PBMs, leveraging their market power to achieve lower costs for consumers while insisting on price transparency and other reforms that reinforce how PBMs are using fundamental market principles to keep drug companies from causing even more harm to Americans’ finances.
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