Roundtable held to lower drug costs, reform rules on middlemen

Congressmember Nicole Malliotakis is leading a roundtable in Staten Island to address high prescription drug costs, focusing on the harmful practices of Pharmacy Benefit Managers (PBMs). This event will discuss legislative strategies alongside key industry representatives, highlighting Malliotakis' advocacy for bipartisan reforms aimed at lowering drug prices. Despite some organizations defending PBMs for negotiating rebates, there’s contention over their role in driving up list prices for consumers.

Malliotakis highlighted, "We are having this roundtable to ensure that independent pharmacies can survive in the market and that we can bring down the costs of medications for everyone in our community. The role of PBMs must be scrutinized so we can protect our small businesses while also ensuring patients get accessible and affordable medicine."

The Congressmember's two bills, which have garnered broad support from various stakeholders, seek to implement vital reforms to pharmacy benefit management practices that many believe are inflating drug prices unnecessarily, to the detriment of both pharmacies and patients. Malliotakis stated, "It’s crucial that as we move forward, we address the systemic issues faced by pharmacies that make them vulnerable in this current market."

Despite the pushback from pharmaceutical companies, Malliotakis and her colleagues believe the upcoming consideration of PBM reforms in Congress could mark a significant step towards stabilizing the costs of prescription drugs across the board, stating, "As we prepare to negotiate these reforms, it’s important that we listen to the voices of those who are directly affected by these rising costs."

Read at Brooklyn Eagle