May 6, 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.
Additional information is also available in the attached Tax Alert.
Hearing on fairness and transparency for prescription drugs