Pharmacy benefit managers are in the congressional hot seat. Last Thursday, the Senate Finance Committee held a hearing examining the middlemen’s impact on patients. Earlier in March, the House Committee on Oversight and Accountability launched an investigation into PBM tactics that are “harming patient care and increasing costs for consumers.”
The focus on pharmacy benefit managers is warranted. They game the healthcare system to line their own pockets at the expense of patients.
PBMs manage prescription drug benefits on behalf of insurers. In theory, they’re supposed to keep patients’ drug costs down by negotiating lower prices with pharmaceutical companies.