(Washington, D.C.)— As the Senate Committee on Health, Education, Labor and Pensions (HELP) examines the drug delivery system, the Pharmaceutical Care Management Association (PCMA) outlined several policy solutions championed by America’s pharmacy benefit managers (PBMs) that will reduce costs and improve quality for consumers, employers, unions, and government programs.
PCMA outlined several potential solutions for high drug prices that policymakers could consider, including:
- Accelerating FDA approvals of generics and competing brands.
- Creating a safe harbor to promote value-based purchasing.
- Ensuring access to brand drug and biologic samples for development of generics and biosimilars.
- Addressing the opioid crisis by looking to technology such as e-prescribing and prescription drug monitoring programs.
“PBMs are driving competition and reducing costs for consumers, employers, government programs, and unions. Policymakers should promote market-based solutions that reduce costs by increasing competition,” said PCMA President and CEO Mark Merritt.
Read PCMA’s Statement for the Record here.
PBMs are projected to save employers, unions, government programs, and consumers $654 billion over the next decade. PBMs reduce drug costs by:
- Negotiating rebates and discounts from drug manufacturers and drugstores.
- Offering more affordable pharmacy channels.
- Encouraging the use of generics and more affordable brand medications.
- Managing high-cost specialty medications.
- Reducing waste and improving adherence.