News Briefs: Warren, Hawley Float Bill to Break Up PBMs
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Dec 12, 2024
Sens. Elizabeth Warren (D-Mass.) and Josh Hawley (R-Mo.) are sponsoring a bill to force companies that own PBMs or health insurers to sell their PBM businesses, The Wall Street Journal reported. The bill would require parent companies to divest their pharmacy businesses within three years of passage. “PBMs have manipulated the market to enrich themselves — hiking up drug costs, cheating employers, and driving small pharmacies out of business,” Warren wrote in a post on the social media platform X. PBM reform has widespread bipartisan support in Congress, although disagreements lingered about how to approach the issue. It’s unlikely that this bill will pass by the end of the year, and the fate of existing bills aiming to overhaul the PBM industry remains unclear. Read more
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