Ms. CHU. Patients deserve choice when selecting the right prescriptions and pharmacies for them, but powerful, unregulated middlemen, known as pharmacy benefit managers, or PBMs, are limiting their options, and most people don't even know it.
These companies are telling doctors what drugs they can prescribe, limiting access to pharmacy patient care, and they're telling customers what pharmacies they can go to. That's not fair to patients. With the pending merger of two of the biggest PBMs, one company will control three-quarters of the private insurance market. This leaves us with even less competition, higher prices, and fewer choices.
That's why I support the Medicare Pharmacy Transparency and Fair Auditing Act. This bill will ensure that PBMs are transparent and fair when dealing with local pharmacies, and it will help make sure the Medicare part D prescription program works for seniors. It will be an important step in protecting pharmacy choice for patients.