On March 14, 2024, Senate Finance Committee Chair Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-ID) were cheered on at a Capitol Hill press conference by pharmacists and pharmacy leaders from across the nation as the Senators committed to continuing to push for swift enactment of bipartisan pharmaceutical benefit manager (PBM) reforms. The reforms would finally address the manipulative practices of pharmaceutical middlemen that are depriving patients of prescription drug savings and forcing pharmacies out of business.
The press conference was held in conjunction with NACDS RxIMPACT Day on Capitol Hill – a grassroots advocacy event of the National Association of Chain Drug Stores that brought more than 300 advocates from all 50 states to Washington, D.C. this week.
Surrounded by more than 100 pharmacists and other pharmacy representatives with signs reading “PBM Reform Now,” “Patients Can’t Wait,” and “Get it Done,” Senators Wyden and Crapo stood together as bipartisan leaders and pressed the case for essential PBM reforms in Medicare and Medicaid.
“The time for PBM reform was yesterday,” said Sen. Wyden. “It’s past time to crack down on the shady practices of these pharma middlemen that result in higher drug prices for consumers, and threaten pharmacies across Oregon and nationwide. I’ll be working around the clock to get this done as soon as possible.”
“Certain pharmacy benefit manager practices continue to jeopardize the viability and financial stability of pharmacies, forcing far too many to close up shop,” said Sen. Crapo. “Congress must pass our comprehensive, bipartisan legislation to reduce out-of-pocket medication costs for seniors, enhance federal oversight and shore up patients’ access to the pharmacy of their choice.”
Chairman Wyden and Ranking Member Crapo released a letter that had been shared with every member of the Senate Finance Committee and Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell reaffirming their bipartisan support for the immediate passage of PBM reform legislation that was passed out of Committee by votes of 26-1 and 26-0.
In the letter, Senators Wyden and Crapo emphasized that PBM reform must be a policy priority citing the impact of PBM practices on seniors, families and health providers. Following the press conference the Senate Finance Committee issued a release that can be found HERE.
Pharmacy leaders and pharmacists from across the country spoke at the press conference:
Steven C. Anderson, President & CEO of the National Association of Chain Drug Stores (NACDS): “PBM profits are soaring while they make patients pay more for their medicine and make it impossible for pharmacies of any size to stay open. It’s time for Congress to pass real PBM reform, particularly for Americans in Medicare and Medicaid. Patients and the pharmacies that serve them can no longer wait. It’s time to get this done.”
Jack Holt, Licensed Pharmacist and President of Hi-School Pharmacy (Oregon): “As a pharmacist and pharmacy owner, patients can no longer afford to have savings that belong to them taken by PBM middlemen. PBMs are forcing pharmacies like ours out of business and taking away our ability to serve patients. Congress must act now before it’s too late to enact real PBM reform. Every day Congress delays is another day PBMs are allowed to continue their manipulative tactics. We are so close, but close doesn’t get it done for our patients.”
Michele Belcher, Licensed Pharmacist and Owner, Grants Pass Pharmacy (Oregon): “If I continue to be paid below my cost, I will be forced to close my doors. Last year, Oregon had 37 pharmacies that permanently closed and two so far this year. I can’t keep helping patients, my friends and neighbors if I can’t stay in business. And if PBMs get their way, and I keep losing money, and my patients are herded off to mail order pharmacies, I will have to close, like so many other community pharmacies.”
Doug Hoey, CEO of the National Community Pharmacists Association (NCPA): “The United States is the only country in the world that has handed its prescription drug coverage to PBMs. And the U.S. pays the highest drug prices in the world. That is not a coincidence. I’m wearing black today to mourn the loss of another pharmacy. In 2023, 307 independent pharmacies closed their doors for good. That’s about one pharmacy death a day. A pharmacy will die at the hands of a PBM today.”
