The U.S. House Committee on Oversight will hold a hearing Tuesday focused on pharmacy benefit managers (PBMs).
Lawmakers have a tremendous opportunity to stand up for American taxpayers, businesses and consumers by using the hearing as an opportunity to expose and debunk the agenda being driven by Big Government politicians who want more bureaucratic control in health care, Big Media outlets doing the bidding of the pharmaceutical industry, and Big Pharma, out to increase drug company profits at the expense of everyone else.
During a previous Oversight hearing, Rep. Virginia Foxx (R-NC-05) warned about government mandates targeting pharmacy benefits that would limit freedom, options and cost-saving for employers – while increasing government control:
“We also must ensure bureaucrats do not have too much authority to dictate how PBMs can be compensated. It’s particularly important to tread carefully on spread pricing and on anti-steering provisions that may take away plans sponsors’ ability to lower costs. Employers who act as fiduciaries and benefit providers for their employees deserve to have a full array of tools available to design their plans to benefit patients and keep premiums low.”
At the same hearing, Rep. Eric Burlison (R-MO-07) highlighted the importance of preserving market forces in health care that lower costs and serve as a check on the price-gouging of Big Pharma:
“Free markets simply work better. PBMs use their economies of scale to drive down costs in the same way that Walmart, we all know does a great job of selling bulk things, but they do so at the benefit of the consumer by driving down costs. PBMs are paid based on performance if they effectively secure savings from drug companies, they’re paid more and that’s a good thing. The buying power of a PBM is one of the only remaining checks on drug companies’ unlimited pricing power. It’s why you’re seeing all the ads that are being paid for by Pharma targeting PBMs is supporting this bill. I’d suggest that if we’re looking for solutions to combat skyrocketing drug costs that we take a look at what our drug manufacturers are doing.”
Corey Lewandowski, former campaign manager for the Trump campaign in 2016 and current political advisor for the Republican National Committee, highlights how a recent biased report from the Biden Federal Trade Commission (FTC) demonstrates how Big Pharma is working hand in glove with The Left to undermine cost savings for consumers and businesses:
“Biden’s Federal Trade Commission, led by radical socialist Lina Khan, issued a troubling report that PhRMA, the trade association that represents all the major drugmakers, quickly endorsed after spending millions of lobbying dollars on this very issue.“
“This endorsement wasn’t exactly surprising. Khan’s report can only be described as a blueprint for new punitive regulations on one of the only allies that American consumers and businesses have to challenge Big Pharma’s stranglehold over the marketplace.”
Lewandowski points out a Republican on the commission saw through the baseless claims:
“Here’s the thing, though: one Republican FTC commissioner, who voted no on releasing this report, believes that the commission came to this determination without providing any concrete evidence.“
“Translation: the Biden administration is going to war against PBMs and to bat for Big Pharma just because it wants to, facts be damned.”
See the full piece HERE.
Former Secretary of State Mike Pompeo experienced first-hand the value of PBMs:
“Pharmacy benefit managers have long played a crucial role in keeping drug prices down. Indeed, our free-market health care system only works for consumers, patients and families if the various players are able to negotiate and compete, which is what ultimately allows patients access to lower prices.“
“PBMs do just that: By negotiating with drug manufacturers, they secure lower drug prices for insurance companies so that patients and families win. As someone who ran two small businesses in Kansas, I know the value this kind of service can provide.”
Read Pompeo’s op-ed in FOX News HERE.
Former U.S. Senator Pat Toomey (R-PA) cautioned against policies that undermine market forces:
“In the pharmaceutical drug marketplace, it is Pharmacy Benefit Managers (PBMs) that force the big drug companies to compete, keep the pressure on them to lower prices and offer health insurance plan sponsors a range of choices…“
“The proposals, which generally would undermine market forces in health care, pick winners and losers in the sector and eliminate flexibility and options for employers, would result in higher healthcare costs for the American people.”
View Senator Toomey’s full op-ed HERE.
