BESSEMER, Ala., Dec. 12, 2023 /PRNewswire/ — Officials with American Pharmacy Cooperative, Inc. (APCI), applauded members of the House of Representatives for passing the Lower Costs, More Transparency Act of 2023 and called for further federal reform of pharmacy benefit managers.
The legislation would end the practice of “spread pricing” in Medicaid and features several other provisions that will help curtail the abusive practices of pharmacy benefit managers (PBMs), middlemen who have an outsized effect on prescription drug pricing. The bill passed the House of Representatives by a 320-71 margin on Monday evening. It will now go to the U.S. Senate for consideration.
“APCI is incredibly pleased with the outcome of the House vote on the Lower Costs, More Transparency Act,” said APCI CEO Tim Hamrick. “This is an excellent bill, but is only a first step toward real, meaningful PBM reform. The bipartisan manner in which this bill passed the House shows that our legislators can work across the aisle to pass bills that will make a significant difference to the out-of-pocket prescription costs for patients across the country.”
“There is much more work to be done on PBM reform in Washington,” added Greg Reybold, APCI’s Vice President of Healthcare Policy and General Counsel. “PBMs have run roughshod over the prescription drug system in the United States for years. But now, with more than 40 bills pending in Congress that address the unfair practices of PBMs, there is a real feeling that these largely unregulated middlemen will finally be subject to meaningful federal action. Passage of the Lower Costs, More Transparency Act is a significant move toward that regulation, and we look forward to working with Congress in the weeks and months to come to make that regulation a reality.”
APCI is a cooperative of more than 1,600 independently owned community pharmacies in 31 states. Established in 1984 and headquartered in Bessemer, Ala., APCI is recognized as a leader in the fight for prescription drug pricing transparency and reform.
SOURCE American Pharmacy Cooperative, Inc.
Originally published at https://www.prnewswire.com/news-releases/apci-applauds-house-passage-of-pbm-bill-more-work-to-be-done-302013229.html
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