July 22, 2024 radams@patientsrising.org
STATEMENT FROM PATIENTS RISING FOUNDER TERRY WILCOX REGARDING PREDATORY PBM PRACTICES AND THE HOUSE OVERSIGHT COMMITTEE’S HEARING ON THE ROLE OF PHARMACY BENEFIT MANAGERS IN PRESCRIPTION DRUG MARKETS PART III
“Powerful PBMs like CVS Caremark, Express Scripts, and OptumRx are squeezing patients and limiting access to affordable medications. These companies control the drug supply chain, financially manipulate prescription drug pricing, and apply discriminatory formulary practices to limit patient access and affordability to important medicines. Patients face surprise out-of-pocket expenses and limited medication options due to opaque PBM practices.
“Patients Rising commends Chairman Comer, Ranking Member Raskin, and the other distinguished members of the House Oversight Committee for placing the predatory practices of PBMs at the top of the committee’s busy agenda. The committee’s hearing on transparency and accountability with the Big Three PBM leaders demonstrates bipartisan commitment to ending the abusive power, strategic secrecy, and shady deal-making.
“Lawmakers can ensure effective enforcement of antitrust laws and support legislation like the DRUG Act to end PBM predatory practices. Patients Rising urges action to ensure patients are at the center of healthcare.”
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Patients Rising is a national organization that represents more than 100,000 chronic disease patients and caregivers nationwide. Founded in 2015, Patients Rising’s mission is empowering every patient in America to advocate for reforms placing them, alongside their doctors, in control of their healthcare choices. The organization offers advocate development programs, a unique storytelling platform, sources patient-inspired policy solutions and offers direct patient support through the Patient Helpline.