MIPA

🚨 Chairman Comer Releases Report on PBMs’ Harmful Pricing Tactics and Role in Rising Health Care Costs   Full Report: oversight.house.gov/wp-conte…

.@RepLangworthy says that in his home state of New York, an arbitration panel last year required CVS Caremark to pay over $20 million to just one oncology practice for miscalculating fees. “In essence, the company charged higher fees when an oncologist did the right thing by stopping an oral cancer drug that was not working and had side effects. “CVS Caremark clearly stood in the way of properly treating cancer patients. “Mr. Joyner, CVS Caremark fought to hide this award and not pay it vigorously, suing the oncology practice. “However, last week, the New York Southern District Federal Court ruled in favor of the practice in order CVS Caremark to pay over $20 million.”

.@RepPatFallon grills PMB witnesses on their contribution to rising healthcare costs. “PBMs state that they exist to save people money. “Yet the PBMs are seeking, quite frankly, right now, sky-high profits and health care costs are becoming prohibitively expensive for the average American. “According to the Federal Trade Commission, three PBMs now control 80% of the market. “They vertically integrated with suppliers of goods and services, retail, mail order, specialty pharmacies, and large health insurers. “And as a result of vertical integration, there are pharmacies owned by the same company as the PBM.”

.@virginiafoxx highlights the need for Congress to take action to reform PBMs and create necessary transparency.

🚨 Chairman Comer opens hearing on Pharmacy Benefit Managers “Today, the Committee is releasing a staff report outlining the results of our investigation into PBM practices. “Simply put, the Committee’s investigation has found that—while PBMs position as middlemen should have enabled them to reduce the costs of prescription drugs and improve Americans’ health outcomes—they have not. “Instead, the cost of prescription drugs has gone up every year for 15 years. “Instead, patients have less choice and worse health outcomes. “I am hopeful that today’s hearing will provide transparency and accountability for how PBMs have impacted the market for prescription drugs.”