North Charlotte Today

Senator Thom Tillis, along with a group of bipartisan senators, has sent a letter to Federal Trade Commission (FTC) Chair Lina Khan, urging the FTC to complete its investigation into pharmacy benefit managers (PBMs). The senators are also requesting a status update on the investigation, which has been ongoing for over 18 months.

In the letter, the senators express their support for the FTC's inquiry into PBM business practices, stating that it is a critical step in scrutinizing the pharmaceutical supply chain and its impact on drug prices and access to medication. They call on the FTC to complete the study without delay.

"There is widespread bipartisan support for examining PBM practices to determine whether they are causing Americans to pay higher prices for prescription drugs," the senators wrote. They highlight the Pharmacy Benefit Manager Transparency Act, which has advanced through several Senate committees and would authorize the FTC to hold PBMs accountable for unfair or deceptive practices and increase transparency in the PBM market.

With this legislative action underway, the senators urge the FTC to complete its study in a timely manner. They also request that the FTC publicly release a progress report on the status of the investigation. The senators believe that a commitment to a timely study and interim progress report will provide transparency, shed light on possible competitive harms, and encourage cooperation from all parties involved.

The full letter can be read [HERE](link to the letter).

This renewed push for PBM accountability comes as concerns about rising drug prices and limited access to medication continue to plague the healthcare system. PBMs play a significant role in the pharmaceutical supply chain, acting as intermediaries between pharmacies, drug manufacturers, and health insurance companies.

The senators' call for increased scrutiny of PBM practices reflects the growing consensus that these entities may be contributing to higher drug prices and the closure of independent pharmacies. By conducting a thorough investigation, the FTC has the opportunity to shed light on any unfair or deceptive practices that may be occurring within the PBM industry.

As the investigation into PBMs continues, it is essential for the FTC to provide regular updates on its progress. Transparency and accountability are crucial in ensuring that the pharmaceutical supply chain operates in a fair and efficient manner, benefiting both patients and providers.

Senator Tillis and his colleagues are taking a proactive approach in addressing the concerns surrounding PBMs. By urging the completion of the FTC's investigation and requesting a progress report, they are demonstrating their commitment to protecting consumers and promoting transparency within the pharmaceutical industry.

This bipartisan effort is a positive step towards bringing about meaningful change in the PBM market. As the investigation progresses, it is hoped that the FTC's findings will lead to necessary reforms that address the issues of rising drug prices and limited access to medication.

The push for PBM accountability is gaining momentum, and with the support of senators like Thom Tillis, there is optimism that meaningful change is within reach. The completion of the FTC's investigation and the implementation of appropriate measures to hold PBMs accountable will be crucial in ensuring a fair and affordable healthcare system for all Americans.