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PBM Execs Stay On Message Amid Growing US Congressional Frustration At Hearing

 
• By Cathy Kelly

The House Oversight Committee held its third hearing on pharmacy benefit manager reforms in 14 months, but could not elicit an admission from executives that they are responsible for increasing drug prices.

House Oversight Committee PBM Hearing
PBM Executives Faced House Oversight Committee on 23 July. • Source: Screenshot of House Broadcast

Top executives at the three largest pharmacy benefit managers largely stuck to the script despite bipartisan skepticism and the growing frustration of the House Oversight and Accountability Committee with their testimony during a third hearing on industry reforms.

Key Takeaways

  • Leaders of the top three pharmacy benefit managers maintained they play a valuable role in lowering drug prices and denied putting costs before patient benefit during the House Oversight Committee's third PBM hearing

The 23 July hearing was held with pressure building on PBMs from the Federal Trade Commission and state regulators. The FTC is reportedly planning to file a lawsuit against the leading PBMs over their contracting practices for insulin amid the agency’s ongoing investigation into potential anticompetitive practices in the industry

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