Coalition for PBM Reform to Participate in DOJ, FTC Joint Forum
Washington, D.C. (April 14, 2022) – Today, the Coalition for PBM Reform will participate in a joint forum on healthcare hosted by the Department of Justice (DOJ) and the Federal Trade Commission (FTC). The session is expected to touch on the FTC’s recent interest in conducting a 6(b) study on the role of Pharmacy Benefit Managers (PBMs). Coalition members, including Dr. Madelaine Feldman, President of the Coalition of State Rheumatology Organizations (CSRO); and Michele Belcher, President of the National Community Pharmacists Association (NCPA), will provide comments during the hearing.
The joint session will be live-streamed here.
You can preview their comments below:
“Initially, PBMs promised efficiency in pharmacy claim adjudication and incentivization of lower drug prices. Unfortunately, after years of consolidation, followed by vertical integration, the three largest PBMs with their insurance companies have emerged with unbridled power, controlling the formularies for 80% of the American public.” – Madelaine Feldman, MD – President, Coalition of State Rheumatology Organizations
“As a small business owner and an advocate for my patients, I can say with certainty that vertical consolidation in our industry has limited access to care, stifled innovation, and increased prices for consumers. I hope policymakers will see that our industry is in desperate need of regulatory oversight and that without it, small businesses will continue to be put out of business and consumers will be harmed.” – Michele Belcher, President, National Community Pharmacists Association, and owner of Grants Pass Pharmacy in Grants Pass, Ore.