House Report Criticizes PBMs' Costly Practices

Executives from the largest pharmacy benefit managers (PBMs) defended their role in controlling drug prices during a House Oversight Committee hearing, arguing that they save patients money by negotiating with drug manufacturers. However, a Congressional report revealed that these PBMs, which include CVS Caremark, Express Scripts, and OptumRx, often push patients towards higher-cost medications and limit their pharmacy choices to boost their profits. The report also accused PBMs of moving parts of their operations overseas to avoid regulatory scrutiny. Lawmakers criticized PBMs for contributing to high drug prices and engaging in anti-competitive practices. Chairman James Comer (R-Ky.) highlighted that PBMs prioritize their profits over patient care, contradicting PBMs' claims of reducing costs. The Federal Trade Commission has also expressed concerns about the increasing market concentration and power of PBMs over Americans' access to affordable medications.