WASHINGTON, March 15, 2017 /PRNewswire-USNewswire/ -- The Pharmaceutical Care Management Association (PCMA) released the following statement on legislation introduced by Senator Ron Wyden (D-OR), "The Creating Transparency to Have Drug Rebates Unlocked (C-THRU) Act":
"America's most sophisticated purchasers—employers, unions, government health programs—choose to hire pharmacy benefit managers (PBMs) to reduce prescription drug costs. PBMs typically reduce prescription drug costs by 30 percent by using their scale and expertise to negotiate discounts from competing drug companies and drugstores.
PBMs support the right kind of transparency that offers consumers and plan sponsors the information they need to make the choices that are right for them. However, this bill will increase premiums by undermining the tools employers, unions, and public programs, including Medicare, use to reduce prescription drug costs.
The C-THRU Act would grant the kind of transparency that the Federal Trade Commission and economists say will raise costs by giving drug companies and drugstores unprecedented pricing power that could help them tacitly collude with their competitors.
We look forward to working with Senator Wyden on workable solutions that reduce, not increase, prescription drug costs."
PCMA is the national association representing America's pharmacy benefit managers (PBMs). PBMs administer prescription drug plans for more than 266 million Americans who have health insurance from a variety of sponsors including: commercial health plans, self-insured employer plans, union plans, Medicare Part D plans, the Federal Employees Health Benefits Program (FEHBP), state government employee plans, Medicaid plans, and others.
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SOURCE Pharmaceutical Care Management Association