Prescription medications are an important part of everyday life for many across the United States. Without them, some people would be unable to lead a normal life. Everyone has noticed prices for almost everything rising recently, but one cost in particular has gone through the roof, pharmaceutical drugs. One major reason for this increase in price is the actions of pharmacy benefit managers (PBMs).
PBMs are organizations that are intended to manage prescription drug benefits for our health insurance providers. They serve as middlemen who help to set drug prices and decide which drugs will be offered in a plan and which won’t. The problem is, they are paid based on the price of the drug. They are incentivized to keep drug prices high because it only means more profit for them. PBMs make massive profits at the expense of the American people as well as local independent pharmacies.
Action should be taken to end these abusive practices. This is why I would like to thank Congresswoman Miller-Meeks for introducing the DRUG Act in the House which would delink PBM compensation from the price of drugs in the commercial market. This legislation is important to ensuring that life-saving medications remain accessible to the average person.
I encourage the rest of Iowa’s congressional delegation to join Congresswoman Miller-Meeks and support this legislation to help lower prescription drug costs now.