The PBM Reform Act, introduced by Rep. Earl L. "Buddy" Carter, seeks to reform pharmacy benefit manager practices with bipartisan support. It bans spread pricing in Medicaid, delinks PBM compensation from Medicare Part D drug costs, and requires regular reporting on drug spending and rebates. The act mandates enforcement of fair contract terms in Medicare Part D and addresses existing violations. With major PBMs controlling 80% of the market, the bill aims for increased transparency and accountability in the healthcare system, benefiting patients in need of medications.
"It's time to bust up the PBM monopoly, which has been stealing hope and health from patients for decades. As a pharmacist, I've seen how PBMs abuse patients firsthand, and believe that the cure to this infectious disease is transparency, competition, and accountability, which is exactly what our bipartisan package provides."
"For too long, pharmacy benefit managers have been allowed to operate unchecked, raising prices and preventing many patients from getting the medications they depend on, and I hear from too many Michiganders, especially seniors, that they can no longer afford their prescriptions..."
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