It is no secret that health care policy is a frustrating topic on Capitol Hill. That frustration reflects the worry felt by Americans searching for affordable health insurance and pharmaceutical options amid an opaque, complex and costly system. While Republicans and Democrats agree our health care system is broken, we often have very different ideas about what reforms will sustainably reduce costs and improve patient outcomes.
One thing we have long agreed on, however, is the need to crack down on pharmacy benefit managers (PBMs), the middlemen who negotiate between and set prices for insurers, drug manufacturers, pharmacies and patients. PBMs were created to help manage the complexity of the prescription drug supply chain. Positioned at the center of the market, PBMs can exact large concessions from manufacturers and pharmacies.