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Senate Finance Committee Invites Pharmacy Benefit Managers to April Drug Pricing Hearing

Earlier this week, Senate Finance Committee leaders invited five pharmacy benefit managers (PBMs), to testify at the committee’s April 3 hearing, the next in its “Drug Pricing in America: A Prescription for Change” series. As we reported, in its February hearing, Finance Committee members grilled top executives from major pharmaceutical companies—including AbbVie, AstraZeneca, Bristol-Myers Squibb, Johnson & Johnson's Janssen Pharmaceuticals unit, Merck, Pfizer, and Sanofi—on their pricing and business practices.

Finance Committee Chair Chuck Grassley (R-IA) and Ranking Member Ron Wyden (D-OR) invited five executives of pharmacy benefit manager companies to testify before the committee during its third hearing on drug pricing this year. The invitees are Cigna, CVS Caremark and CVS Health, Humana, OptumRx, and Prime Therapeutics.

The high cost of prescription drug prices is a priority of the new Congress, with Democrats and Republicans, as well as the Trump administration, all proposing solutions, such as permitting prescription drug importation from Canada, further Medicare Part D negotiations, setting international reference pricing, and reducing barriers to competition.

More information on the April hearing, including witness statements, will soon be available on the Senate Finance website.

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