U.S. Rep. Auchincloss Introduces Drug-cost Regulation Bill

NEWTON, MA — U.S. Rep. Jake Auchincloss was named as a driving force behind the introduction of a bipartisan bill to lower drug costs as well as limit the control of pharmacy benefit managers.

Auchincloss was joined by Sen. Elizabeth Warren (D, MA), Sen. Josh Hawley (R, MO), and fellow U.S. Rep. Diana Harshbarger (R, TN) in bringing the legislation forward.

The bill is titled the “Patients Before Monopolies Act” and would prohibit a parent company of a pharmacy benefit manager from owning a pharmacy business. In addition, it would order any violators of that previous law to divest its business within three years. It would also require any and all divestitures be reported to the Federal Trade Commission for review.

“The PBM (pharmacy benefit manager) industry is rife with self-dealing that raises costs for patients and bankrupts independent pharmacists, Auchincloss said. “No PBM should be allowed to own pharmacies, because it poses an unacceptable conflict of interest when it then sets reimbursement rates for its own versus external pharmacies. Independent pharmacies deserve fair play.”

Warren emphasized her belief that pharmacy benefit managers have altered the market for their own benefit and that their main goal is to maximize profit.