PBM reforms: Senate Finance Committee leaders introduce another bipartisan bill
Last summer’s bipartisan, bicameral focus on the pharma middlemen known as pharmacy benefit managers is returning. Sens. Ron Wyden (D-OR) and Mike Crapo (R-ID) introduced a bill on Thursday focused on transparency and halting PBMs’ abusive practices.
The text is based on a bill that passed out of the Senate Finance Committee in July.
Among the provisions in this latest adaptation: preventing the use of “abusive spread pricing” in Medicaid, which is when PBMs charge health plans more than they pay pharmacies for drugs; promoting transparency for pharmacies under Medicare Part D; ensuring accurate payments to pharmacies under Medicaid; and requiring an OIG study and report on drug price mark-ups in Part D.
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