Please support HB 840, and HB 982 which implements badly needed patient protections from Pharmacy Benefit Managers (PBMs) market practices. Their role in raising prescription drug prices – which is the opposite of their purported claim of saving employers and patient’s money – has been documented in numerous studies, including one that links their “rebate” program to directly causing inflated drug prices. Patients costs are going up, employers costs are going up and local pharmacies are being put out of business.
The most recent example of this market practice by PBM’s is highlighted by the FTC ‘s study, unfortunately for diabetics, on insulin price increases, This daily life-sustaining medication was the subject of the September 20, 2024 action by the FTC when the FTC filed a lawsuit against Caremark Rx, Express Scripts, and OptumRx, who combined hold an 85% market share of prescription drug sales, for engaging in anticompetitive practices that have artificially inflated insulin prices.
PBMs know that patients need this drug daily to sustain their well-being and often their lives. Yet this time, as revealed by the recent FTC report and affirmed by dozens of other independent studies, they did the exact opposite and raised prices for those with some of the most vulnerable health statuses.
Congress nearly passed reforms to the PBM industry after they held several hearings, which included testimony from the CEO’s of the 3 big PBM’s. Congress caught them misleading the committee so egregiously, for the first time in many years, threatened sanctions including jail time.
The numerous reports by varying entities outline the several practices by PBM’s that raise prices of drugs to inflate their bottom line.
Please support HB 840, and HB 982. Feel free to reach out if you would like more details on how Missouri can reform PBM practices and ensure access to affordable healthcare.
