Senate Health Committee Seeks to Rein in Drug Prices with Four New Bills

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1. The Senate HELP committee passed four bills and eight amendments to control drug prices.

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2. One of the bills, S. 1339, places limits on "spread pricing" in the PBM industry.

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3. PBMs act as intermediaries between drug makers, pharmacies, and insurance sponsors.

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4. S. 1339 ( Pharmacy Benefit Manager Reform Act ) also increases PBM oversight by requiring them to submit reports containing relevant information.

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5. The PCMA (Pharmaceutical Care Management Association) criticized the legislation as it would increase prescription drug costs.

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6. Three other bills were advanced to limit branded drug manufacturers' protection and empower generic drug developers.

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7. The HELP committee grilled executives of the three biggest insulin makers and top PBMs over high insulin prices.

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8. The Inflation Reduction Act capped copays at $35 per month for all three insulin makers.

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9. Pharma executives claim net spend of patients has dropped thanks to assistance programs.

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10. PBMs push to keep the blame on pharma companies to lower prices.

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