06 May 2022 Senate Commerce Subcommittee hearing on ensuring fairness and transparency in the market for prescription drugs On May 5, the Senate Commerce, Science, & Transportation Subcommittee on Consumer Protection, Product Safety, and Data Security held a hearing entitled, "Ensuring Fairness and Transparency in the Market for Prescription Drugs." The hearing, which is one of several Subcommittee Chair Richard Blumenthal (D-CT) plans to hold on lowering consumers' prescription drug costs, focused on the role pharmacy benefit managers (PBMs) play in consumers' drug costs. Witnesses at Thursday's hearing included a representative from the Pharmaceutical Care Management Association (PCMA), which represents PBMs; an antitrust attorney and former Federal Trade Commission (FTC) policy director; and academics. During the hearing, committee leaders raised concerns about a lack of transparency regarding PBM practices, market consolidation and competition, and the impact on consumers. More information is available here.
Document ID: 2022-0730 | |||||||
