This week, David Marin, president and CEO, PCMA, will testify, along with others in the drug supply chain, at the Energy and Commerce Committee. The Committee is focused on affordability in health care, and it has no better partner than pharmacy benefit managers (PBMs), which deliver enormous savings each year for patients, employers, and taxpayers. In contrast to other segments of the supply chain, PBMs exist to make medicines more affordable, and they are highly effective at delivering savings for the Americans they serve.

PBMs work on behalf of 289 million Americans and save patients $1,154 per person per year on prescription drugs – that’s more than $333 billion annually in savings for the American health care system. Families are better off because of the work PBMs do.

Amid skyrocketing prescription drug prices, PBMs are on the side of patient affordability – going head-to-head with big drugmakers to deliver lower premiums and higher savings at the pharmacy counter. These cost savings, combined with safe access to the medications patients need, are why nearly all employers, labor unions, and government programs choose to hire PBMs.

PBMs are also responsive to those that hire them. Across the industry, PBMs have rolled out new, innovative programs to provide greater transparency, increase patient safety, support independent pharmacies, and help patients and employers lower out-of-pocket costs.

Ahead of the hearing, here are some key facts to know.

Savings

• PBMs save patients an average of $1,154 for the 289 million people they serve.
• PBMs save employers and patients 40-50% on their annual drug and related medical costs.
• PBMs reduce costs by $10, for every $1 firms spend on their services.

Safety

• PBMs improve patient health outcomes and promote medication adherence.
• PBMs will help prevent 1 billion medication errors over the next 10 years.

Value

• PBMs encourage generic drug use and accelerate the pace of new drug development.
• PBM services equate to $145 billion in total economic value for Americans annually.

Transparency

• PBMs have adopted transparent models with 94 percent of employers reporting satisfaction with the transparency in their PBM contract.