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May 6, 2022
2022-0730

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.

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For additional information concerning this Alert, please contact:
 
Washington Council Ernst & Young
   • Heather Meade (heather.meade@ey.com)
   • Heather Bell (heather.bell@ey.com)

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Hearing on fairness and transparency for prescription drugs

 

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