Forum to be held with witnesses on Wednesday, Nov. 17
WASHINGTON—On Wednesday, November 17 at 10:00 a.m. ET, House Committee on Oversight and Reform Ranking Member James Comer (R-Ky.) and lawmakers will hold a forum on the impact of pharmacy benefit managers (PBMs) in pharmaceutical markets with experts, pharmacists, physicians, and PBMs.
“As Congress reviews the rising costs of prescription drugs in America, we must evaluate all aspects that are driving up costs for patients. Part of this review includes the role pharmacy benefit managers play in drug pricing and patient cost sharing. There are concerns PBMs may use their market power and role as middlemen to impact competition and drive up costs for Americans. At tomorrow’s forum, we plan to hear from healthcare and industry experts to learn more about PBMs and their impact on prescription drug prices,” said Ranking Member Comer.
PBMs are companies that manage prescription drug benefits for insurers, Medicare Part D drug plans, self-insured employers, and other payers, such as state Medicaid programs. PBMs were created to negotiate with pharmaceutical companies and pharmacies to decrease the cost of prescription drugs for patients, lower premiums, and decrease costs for payers. The PBM industry has significantly consolidated in the last ten years, and both large and small PBMs own and operate their own retail or mail-order pharmacies. As a result of consolidation, experts have expressed concerns PBMs’ monopoly power no longer benefits payers and patients.
WHAT: House Committee on Oversight and Reform Republican forum entitled “Reviewing the Role of Pharmacy Benefit Managers in Pharmaceutical Markets”
WHEN: Wednesday, November 17 at 10:00 a.m. ET
WHERE: 2247 Rayburn House Office Building
- Dr. Erin Trish, PhD: Co-Director of the USC Schaeffer Center, Assistant Professor, Department of Pharmaceutical and Health Economics, USC School of Pharmacy
- Mr. Antonio Ciaccia: Chief Executive Officer, 46Brooklyn Research
- Dr. Jonathan Grider: PharmD, Owner of Lake Cumberland Pharmacy in Russell Springs, Ky.
- Dr. Madeline Feldman, MD, FACR: President of the Coalition of State Rheumatology Practices and Chair of the Alliance for Safe Biologic Medicines
- Mr. Ted Okon, MBA: Executive Director of the Community Oncology Alliance
- Ms. Tiffany Jones, JD: Vice President of Regulatory Affairs and Assistant General Counsel at SenderraRx
- Mr. Kim Caldwell, RPh: Principal at Texas Star Healthcare Consulting, on behalf of the Pharmaceutical Care Management Association
WATCH: A livestream will be available HERE.
MEDIA: Media wishing to attend in-person are encouraged to RSVP to Jessica Collins.