(Washington, D.C.) — Testifying today before the Energy and Commerce Subcommittee on Health, Pharmaceutical Care Management Association (PCMA) President and CEO Mark Merritt explained the role of pharmacy benefit managers (PBMs) in reducing prescription drug costs for consumers, employers, unions, and government programs.
“The prescription drug marketplace is like any other: a market of sellers and buyers. Drugmakers are the sellers and set prices according to whatever the market will bear. The buyers – employers, unions, health plans and government programs – want to pay as little as possible and hire PBMs to negotiate price concessions,” said PCMA President and CEO Mark Merritt.
The most recent data on National Health Expenditures, reported by the Centers for Medicare and Medicaid Services (CMS), show PBMs are restraining spending and out-of-pocket costs. The report’s findings show a 1.3% increase in outpatient prescription drug spending, despite higher list prices.