Mark Merritt, President & CEO of the Pharmaceutical Care Management Association (PCMA) released the following statement regarding the Senate Finance Committee’s ongoing deliberations on health-care reform:
“As the Senate Finance Committee continues to craft legislation, the next 48 hours will be critical in determining whether health reform delivers on the promise of making prescription drugs more affordable for all Americans. With nearly $245 billion spent annually on prescription drugs, Americans want the peace of mind that comes from knowing that reform makes common-sense improvements that lower the cost of prescriptions for everyone.
“Over the past decade, America’s pharmacy benefit managers (PBMs) have been at the nexus of a quiet revolution that has put the brakes on runaway prescription drug costs for consumers, Fortune 500 employers, and government programs. PBMs are hired by unions, large employers, and Medicare to be tough negotiators against drug companies, chain drugstores, and independent pharmacies – and PBMs are delivering. From 1999-2009, the annual rate of growth in prescription-drug spending has declined by a projected 78 percent, according to the Centers for Medicare and Medicaid Services (CMS). For seniors, PBMs have played a critical role in expanding access to a wide range of safe and effective drugs, while reining in the cost of Medicare Part D to 40 percent less than originally estimated. PBMs have employed an array of tools to combat rising drug costs, including more competition generated through formularies, expanded use of mail-service pharmacies, and a greater reliance on generic drugs.
“While PBMs have helped spearhead important progress, in the coming 48 hours the Senate Finance Committee has the opportunity to do more to make prescription drugs more affordable, including: