Mobile Courant

U.S. Senator Tommy Tuberville, along with 13 other senators, is urging the Federal Trade Commission (FTC) to complete its investigation into pharmacy benefit managers (PBMs). The bipartisan group of senators is also requesting a status update on the investigation, which has been open for over 18 months.

In a letter to the FTC, the senators expressed their support for the issuance of a Section 6(b) order and called for a timely study of PBMs' business practices. They emphasized the need for the FTC to complete the study without delay and requested a progress report on the investigation.

The FTC initiated its inquiry in June 2022 to examine PBMs' role in determining prescription prices, particularly for medications like insulin. The bipartisan group of senators previously called on the FTC to expedite its investigation in October of that year.

The recent push for answers from the FTC comes in the wake of committee passage measures aimed at addressing prescription drug costs and increasing oversight of PBMs. PBMs play a crucial role in managing the prescription drug benefit process, including setting prices, determining coverage, and overseeing dispensing. Of the six companies under investigation by the FTC, three control nearly 80 percent of the market. Despite their significant influence, there is a lack of transparency in the operations of PBMs.

Senator Tuberville and his colleagues are actively working to identify the factors contributing to the skyrocketing prices of prescriptions and finding solutions to address them. The group of senators includes James Lankford, Chuck Grassley, Susan Collins, Peter Welch, Cindy Hyde-Smith, Chris Coons, Jerry Moran, Maria Cantwell, Shelley Moore Capito, Jon Tester, Thom Tillis, Marsha Blackburn, and Mazie Hirono.

It is evident that Senator Tuberville, along with his fellow senators, is committed to holding PBMs accountable and ensuring that the investigation into these entities is completed in a timely manner. The transparency and oversight of PBMs' practices will ultimately benefit patients and help address the issue of rising prescription drug costs.