Rep. Krishnamoorthi’s January 29, 2025, event in Chicago will raise further awareness of harmful tactics by pharmaceutical benefit manager (PBM) middlemen. Similarly, he spoke to these concerns during a July 2024 House Oversight and Accountability Committee hearing, in which he engaged as a member of the Committee. As pictured here, pharmacists stood up for PBM reform during the July 2024 hearing on Capitol Hill in Washington, D.C.
Steven C. Anderson, president and CEO of the National Association of Chain Drug Stores (NACDS), issued the following statement today about a January 29, 2025, event in Chicago where U.S. Rep. Raja Krishnamoorthi (D-IL) will discuss the latest Federal Trade Commission report about pharmacy benefit manager (PBM) middlemen’s tactics:
“NACDS thanks Congressman Krishnamoorthi for his consistent leadership on this issue of importance in his District, throughout Illinois, and across the nation.
“The findings of the Federal Trade Commission (FTC) report – which was released earlier this month on a unanimous vote – revealed that the big PBMs and their own pharmacies generated more than $7.3 billion in revenue from enormous markups on drugs for cancer, HIV, and other illnesses.
“Congressman Krishnamoorthi is right to shed light on these shocking findings. This continues his vigilance on this issue, which he demonstrated so clearly during a House Oversight and Accountability Committee hearing last summer, and which he shows consistently by pressing for meaningful PBM reform. We congratulate him on being selected as the Ranking Member of that Committee’s Health and Financial Services Oversight Subcommittee, and we look forward to his leadership in that capacity.
“NACDS urges Congressman Krishnamoorthi to continue his diligent work to stop the PBM middlemen from inflating people’s drug prices, restricting access to care, and forcing the closure of trusted and convenient pharmacies.”
