Raising Drug Costs: Costello Suggests Targeting Pharmacy Benefits

The content discusses the potential negative impact of legislation targeting pharmacy benefit managers (PBMs) on prescription drug costs. PBMs are hired by health plan sponsors to manage prescription drug benefits and negotiate with drug companies to lower costs. They secure rebates from manufacturers, design pharmacy networks, and promote cost-effective prescribing and treatment plans. PBMs save employers and patients 40-50 percent on drug costs and bring down drug costs by $148 billion annually. The content argues that targeting PBMs ignores the real problem of high drug prices set by pharmaceutical companies. It warns that legislation could increase costs for patients and employers and undermine PBMs’ ability to negotiate lower prices. Instead, the focus should be on holding drug companies accountable for pricing.

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