Gallego Introduces Package of Bills to Lower Drug Prices for Hard Working Arizonans
WASHINGTON, DC (KVOA) - Today, Rep. Ruben Gallego introduced three pieces of legislation to hold pharmacy benefit managers, otherwise known as PBMs, accountable for their role in historically inflating drug prices for Arizona consumers.
“For too long, PBMs have price gouged hardworking Arizona families and seniors by rigging the system to line their pockets,” said Gallego. “These bills will crack down on unfair pricing gimmicks, help lower prescription drug prices at the pharmacy counter, and keep essential pharmacies open across Arizona.”
PBMs are the middlemen who negotiate drug prices for insurers. They are incentivized to steer health plans toward more expensive drugs because their profits are linked to the drug’s list price.
The higher the sticker price, the more compensation PBMs receive, and patients are left in the dark about those decisions until they visit their local pharmacy and see how much they’re paying at checkout.
The provisions introduced today will also hold Medicare Part D plan sponsors accountable for pressuring neighborhood pharmacies into accepting new, unfavorable contract and reimbursement terms that could force them to close their doors, and refusing to work with independent pharmacies.
By: Celeste Gonzalez
Source: KVOA