To the Editor,
Next week, the Senate Health, Education, Labor, and Pensions (HELP) Committee will hold a hearing on Pharmacy Benefit Managers. As the Ranking Member on this committee, I hope Senator Bill Cassidy leverages his leadership to ensure that not only PBM reform legislation makes it out of the Senate, but that his committee’s bill is very focused on transparency and accountability.
PBMs are the healthcare go-betweens that are supposed to negotiate good rebate prices for medicines that patients need. But these negotiations can only have a positive impact on patients if the savings PBMs secure are actually passed down to them. But since PBMs are so lightly regulated, they are allowed to keep these savings to boost their profits instead of passing them along, and due to their compensation-based business practices, the needs of patients are not at the forefront of their decision-making. The result? Patients end up paying more in out-of-pocket costs than is necessary or right.
This is unacceptable, especially in a time when many patients across Louisiana and the United States are struggling with high out-of-pocket medical expenses. Meaningful PBM reform is a critical step in helping patients access the critical treatments they need.
Senator Cassidy has been a true leader for the people of Louisiana on a broad range of issues. I urge him to work with his colleagues of both parties to ensure meaningful PBM reform legislation gets passed this year.
Sincerely,
Lu Jones, RN
Monroe, LA