PBMs Support Legislation to Promote Competition and Make Drugs More Affordable

PBMs support lower list prices for all prescription drugs for every patient and have launched innovative programs to lower costs, including breaking down barriers to biosimilar use and offering cost-sharing programs to address out-of-pocket costs.

The PBM industry advocates for legislation that would address patent abuse and promote competition in the prescription drug market to create more affordable prescription drug options.

Below are just a few pieces of legislation that have been recently introduced that would lower drug costs for patients and employers:

• Reforming Evergreening and Manipulation that Extends Drug Years (REMEDY) Act: Introduced by Senators Dick Durbin (D-IL) and Bill Cassidy, M.D. (R-LA), the bipartisan REMEDY Act would restrict one form of patent gamesmanship by preventing brand manufacturers from extending their monopolies by manipulating court proceedings.
• Eliminating Thickets to Improve Competition (ETHIC) Act: Introduced by Senators Peter Welch (D-VT), Josh Hawley (R-MO), and Amy Klobuchar (D-MN), the bipartisan ETHIC Act streamlines patent litigation by limiting the number of patents a drug company can assert in litigation and safeguards quality patents that improve existing drugs, benefiting patients.
• Biosimilar Red Tape Elimination Act: Introduced by Senators Mike Lee (R-UT) and Ben Ray Luján (D-NM), this act would increase competition for biologic drugs, providing added choice and flexibility for health plan sponsors and employers, and allow PBMs to leverage this enhanced competition to further reduce drug costs.
• Affordable Prescriptions for Patients Act: Introduced by Senators John Cornyn (R-TX), Chuck Grassley (R-IA), Dick Durbin (D-IL), and Richard Blumenthal (D-CT), this bill would encourage more generic and biosimilar competition in the prescription drug market to help lower costs for patients.

Americans see Big Pharma's patent games for what they are - 85 percent say it's important for Congress to crack down on companies that abuse the system to block competition and keep prices high, with more than half calling it "very important." This frustration cuts across party lines, with 86 percent of Democrats, 81 percent of Republicans, and 75 percent of independents demanding action.

Learn more about how PBMs are innovating to increase biosimilar use and lower prescription drug costs HERE.

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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 289 million patients.