Pharmacy Benefit Managers to Testify on Drug Prices


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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[1] to determine how to lower drug prices. Pharmacy benefit managers, or PBMs, “administer prescription drug plans[2] for more than 266 million Americans who have health insurance from a variety of sponsors.”

According to FierceHealthcare[3], drug rebates, and the proposal[4] 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[5] 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[6] regarding insulin pricing practices.

Insulin Infographic[7]
Courtesy of the American Diabetes Association[8]

 

Want to learn how to save money on your insulin? Read “Insulin Prices: Four Ways to Pay Less.”[9]

Endnotes:
  1. part of a hearing: https://www.fiercehealthcare.com/payer/pbm-executives-head-to-hill-4-things-to-watch
  2. administer prescription drug plans: https://www.pcmanet.org/our-industry/
  3. According to FierceHealthcare: https://www.fiercehealthcare.com/payer/pbm-executives-head-to-hill-4-things-to-watch
  4. the proposal: https://www.fiercehealthcare.com/payer/trump-administration-to-ax-antikickback-safe-harbors-for-drug-rebates
  5. testified before Congress: https://www.diabetesselfmanagement.com/blog/u-s-congress-holds-hearings-on-insulin-costs/
  6. will testify: https://www.diabetesselfmanagement.com/blog/insulin-manufacturers-to-testify-before-congress/
  7. [Image]: //cdn.diabetesselfmanagement.com/2019/04/PUB_Insulin_Pricing_Infographics_R6.png
  8. American Diabetes Association: https://makeinsulinaffordable.org/the-issue/
  9. “Insulin Prices: Four Ways to Pay Less.”: https://www.diabetesselfmanagement.com/blog/insulin-prices-four-ways-pay-less/

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Diane Fennell: Diane Fennell has been an editor at Diabetes Self-Management magazine since 2003. She is currently the Editorial Director. (Diane Fennell is not a medical professional.)

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