SE Kansas News

U.S. Senators Jerry Moran, Chuck Grassley, and Maria Cantwell have introduced a bill aimed at addressing the high cost of prescription drugs by increasing transparency among pharmacy benefit managers (PBMs). The proposed legislation, known as the Pharmacy Benefit Manager Transparency Act, seeks to eliminate deceptive pricing practices and prevent arbitrary payment clawbacks from pharmacies. Additionally, it would require PBMs to disclose their earnings from spread pricing and pharmacy fees to the Federal Trade Commission (FTC).

Senator Moran emphasized the need for oversight in drug pricing practices that have negatively impacted Kansas pharmacies. "PBMs should be prohibited from unfairly manipulating costs," he stated. He added that the legislation aims to provide more transparency through FTC reporting requirements.

Senator Grassley highlighted the frustration among Iowans regarding rising prescription drug costs and called for action against PBM practices. "These bipartisan legislative solutions will bring much-needed transparency to prescription drug pricing," he noted.

Senator Cantwell pointed out that Americans have long been unaware of how PBMs influence drug prices. She stressed the importance of holding these entities accountable to ensure fair medication pricing for patients.

The introduction of this legislation was supported by Senators Joni Ernst, Peter Welch, Shelley Moore Capito, Jeanne Shaheen, Roger Marshall, Martin Heinrich, Cindy Hyde-Smith, Thom Tillis, and Mike Rounds.