Pharmacy Benefit Managers to Testify on Drug Prices

Today, representatives from five pharmacy benefit managers — CVS, Optum, Cigna, Humana and Prime Therapeutics — are testifying before the Senate Finance Committee as part of a hearing to determine how to lower drug prices. Pharmacy benefit managers, or PBMs, “administer prescription drug plans for more than 266 million Americans who have health insurance from a variety of sponsors.”

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According to FierceHealthcare, drug rebates, and the proposal by the Department of Health and Human Services to eliminate such rebates, are likely to play a central role in today’s hearings.

Watch the testimony live:

Last week, prominent diabetes advocates from organizations including JDRF and the American Diabetes Association testified before Congress on the rising costs of insulin. Tomorrow, the three manufacturers of insulin in the United States — Eli Lilly, Novo Nordisk and Sanofi — along with CVS, Optum and Cigna will testify regarding insulin pricing practices.

Insulin Infographic
Courtesy of the American Diabetes Association

 

Want to learn how to save money on your insulin? Read “Insulin Prices: Four Ways to Pay Less.”

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