Organizations to Underscore Need for Legislation that De-links Major PBM Profits from Drug Prices
BESSEMER, Ala., Nov. 13, 2023 /PRNewswire/ — American Pharmacy Cooperative, Inc. (APCI) and Transparency-Rx, a not-for-profit coalition led by transparent pharmacy benefit managers (PBMs), are proud to announce their joint efforts in advocating for crucial PBM reforms during bipartisan and bicameral meetings with Congress November 13 and 14. The strategic collaboration aims to address essential issues within the pharmaceutical industry to bolster greater accountability and affordability across the healthcare system.
Representatives from APCI and Transparency-Rx will engage with key members of committees of jurisdiction to emphasize the urgency of including common-sense reforms that rein in the deceptive business practices of major PBMs as part of a year-end legislative package. This includes de-linking profits from the list price of drugs, which often steers patients away from generic or lower-cost alternatives. A recent report from Nephron Research finds that major PBM compensation from fees tied to drug prices doubled between 2018-2022 alone.
The time for talk about PBM reform is over. The time to act is now.
Congress is currently considering the Pharmacy Benefit Manager Reform Act, which bans spread pricing in the commercial market, and the Better Mental Health Care, Lower-Cost Drugs, and Extenders Act, which delinks PBM revenues from the price of drugs sold in Medicare Part D.
Additionally, these meetings come at a crucial inflection point for the industry and policymakers, as polls indicate voters of all parties and demographics overwhelmingly support and demand strong and meaningful PBM reforms.
“APCI and Transparency-Rx are committed to working collaboratively with Congress to address pressing issues within the PBM landscape,” said APCI General Counsel and Director of Healthcare Policy Greg Reybold. “We believe that these discussions will help pave the way for meaningful reforms that will benefit both pharmacies and patients while ensuring a more transparent and efficient pharmaceutical marketplace.”
Launched in September 2023, Transparency-Rx offers a forward-looking policy platform that embraces many of the industry changes currently under consideration by Congress and increasingly advanced by state policymakers, including de-linking. Founding members include AffirmedRx, Liviniti, MedOne Pharmacy Benefit Solutions Rx, Navitus Health Solutions, RxPreferred Benefits and SmithRx.
“Transparency-Rx and APCI are going to Capitol Hill with a simple message: the time for talk about PBM reform is over. The time to act is now,” said Transparency-Rx Managing Director Joseph Shields. “Our collaboration with APCI underscores our shared commitment to advancing the interests of pharmacies, purchasers, and patients. Congress must act immediately to enact legislation that bolsters trust and affordability in the PBM market.”
About APCI
APCI is a member-owned cooperative of more than 1,600 independently owned community pharmacies in 31 states. Established in 1984 and headquartered in Bessemer, Ala., APCI is recognized as a leader in the fight for prescription drug pricing transparency and reform.
About Transparency-RxTransparency-Rx is a not-for-profit coalition led by transparent pharmacy benefit managers (PBMs) that provides sound policy to galvanize true affordability for consumers. Founding members include AffirmedRx, Liviniti, MedOne Pharmacy Benefit Solutions Rx, Navitus Health Solutions, RxPreferred Benefits and SmithRx. Learn more at transparency-rx.com.
SOURCE American Pharmacy Cooperative, Inc.
