(Washington, D.C.) — The Pharmaceutical Care Management Association (PCMA) issued the following statement on today’s vote in the Senate Finance Committee to advance legislation impacting the Medicare Part D program and pharmacy benefit companies, or PBMs, that threatens to undermine the successful Part D program.

“The Senate Finance Committee’s legislation would add significantly more uncertainty for Medicare Part D plans that are already working to implement a major restructuring to the Part D program. Given that the impact of the many Inflation Reduction Act’s changes to Part D is still unknown, we urge the committee and Congress to wait before imposing additional, untested new proposals, including the so-called ‘delinking’ provision marked up in July, which on its own could destabilize the Part D program for beneficiaries and health plans, both of which voluntarily participate in the program.

“Specifically, the drug-company-driven ‘delinking’ proposal would provide Big Pharma a financial windfall of approximately $10 billion annually while significantly increasing taxpayer costs and raising premiums for Part D enrollees.

“This year, Congress has held an unprecedented number of hearings targeting PBMs and considered a multitude of narrowly focused bills targeting only our industry, which leads us to ask: What is Congress trying to solve for? The legislation would do nothing to lower drug prices and improve affordability for patients.

“Given that PBMs are the only check against drug companies’ pricing power, we urge Members of Congress to refocus on legislation that promotes more competition and would actually lower drug prices for Americans.”

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PCMA is the national association representing America’s pharmacy benefit companies. Pharmacy benefit companies are working every day to secure savings, enable better health outcomes, and support access to quality prescription drug coverage for more than 275 million patients. Learn more at www.pcmanet.org