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Senator James Lankford (R-OK), member of the Senate Finance Committee, today put pressure on Pharmacy Benefit Managers (PBMs), the drug pricing middlemen, to lower the cost of prescription drugs during a hearing on health care costs and prescription drug innovation impacted by the Biden Administration’s Inflation Reduction Act.
Witnesses for the hearing included Kirsten Axelsen, Nonresident Fellow at the American Enterprise Institute and Senior Policy Advisor at DLA Piper; Theo Merkel, Senior Research Fellow at the Paragon Health Institute and Senior Fellow at the Manhattan Institute; Judy Aiken, Retired Registered Nurse; Jeanne Lambrew, Ph.D., Director of Health Care Reform and Senior Fellow at The Century Foundation; Rena Conti, Ph.D., Dean’s Research Scholar and Associate Professor, Markets, Public Policy and Law, Questrom School of Business, Boston University.
Lankford has worked for years to improve healthcare access and pursue workable solutions to lower prescription drug costs. Lankford introduced the Ensuring Access to Lower-Cost Medicines for Seniors Act which would ensure patients can benefit from lower-cost prescription drug products instead of being forced to pay for higher-priced drugs solely because of pricing gimmicks used by PBMs. He called on Senate leadership to reform PBMs in an effort to reduce the cost of prescription medications and urged the Federal Trade Commission (FTC) to complete its investigation into PBMs.
