East Idaho Times

U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and Chair Ron Wyden (D-Oregon) are urging for the swift passage of bipartisan legislation aimed at reforming pharmacy benefit managers (PBMs) and their practices that contribute to the rising costs of prescription drugs and threaten the existence of pharmacies nationwide.

In a joint effort, Senators Crapo and Wyden emphasized the need for PBM reform during a press conference, where they were supported by pharmacy and patient advocates. Crapo highlighted the urgency by stating, "Congress must pass our comprehensive, bipartisan legislation to reduce out-of-pocket medication costs for seniors, enhance federal oversight, and shore up patients’ access to the pharmacy of their choice." Wyden echoed these sentiments, declaring, "The time for PBM reform was yesterday. It’s past time to crack down on the shady practices of these pharma middlemen that result in higher drug prices for consumers."

The bipartisan PBM reform package proposed by Crapo and Wyden received overwhelming support, passing the Senate Finance Committee with a 26-0 vote in November 2023. This significant margin underscores the increasing momentum for bipartisan efforts to hold PBMs accountable.

Pharmacy advocates also voiced their support for the reform during the press conference. Michele Belcher, owner of Grants Pass Pharmacy in Oregon, emphasized the importance of PBM reform, stating, "Without PBM reform, there will be many fewer pharmacies like mine, and it will be a tragedy for millions of people who won’t get the care they need as a result." Jack Holt, CEO of Hi-School Pharmacy, echoed these concerns, urging Congress to act swiftly before it's too late for real PBM reform.

Steven C. Anderson, President and CEO of the National Association of Chain Drug Stores, emphasized the need for Congress to pass real PBM reform, particularly for Americans in Medicare and Medicaid, stating, "Patients and the pharmacies that serve them can no longer wait. It's time to get this done." Douglas Hoey, CEO of the National Community Pharmacists Association, highlighted the urgency of the situation, urging Congress to put a stop to programs that are causing harm to pharmacy small businesses.

In conclusion, the bipartisan efforts of Senators Crapo and Wyden, supported by pharmacy and patient advocates, aim to address the challenges posed by PBMs and ensure affordable access to prescription medications for all Americans.