Patient Right to Know Drug Prices Act

Floor Speech

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Mr. CARTER of Georgia. Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, as the only pharmacist in Congress and a practicing pharmacist for over 30 years, this issue of an industry forcing the American people at the pharmacy counter hits incredibly close to home for me.

Pharmacy benefit managers, also known as PBMs, have put forth restrictions that debase the drug supply chain in the United States.

PBMs have existed for decades, but they have grown through mergers and acquisitions to be the middlemen for much drug coverage on formularies.

The hope was that PBMs would reduce administrative burdens and be able to negotiate drug prices, yet here we are today voting on two bills to stop them from intentionally defrauding patients. It is unfortunate that we have even reached the point where there needs to be a law passed that prohibits this type of behavior.

I appreciate that we are here today voting to sign these two Senate bills banning gag clauses into law; however, I think these bills could go further.

My bill, the Prescription Transparency Act, which was introduced earlier this year, deemed any contract containing gag clauses null and void. Furthermore, it applied to every single insured patient. And it not only ensured that patients were notified of the lowest price, but also of any less expensive generic equivalents that might be available to the patient.

My other piece of legislation, the Know the Cost Act, not only bans gag clauses in prescription drug plans for Medicare Advantage, Medicare part D, and individual and group insurance plans, but also informs beneficiaries about the consequences of paying out of pocket.

My bill received letters of support from the American Medical Association, the American Psychiatric Association, the Global Healthy Living Foundation, the National Association of Chain Drug Stores, and Rite Aid, a clearly diverse group of stakeholders all hoping to lower the price of prescription drugs.

States around the country have taken action to address gag clauses, with over 20 States having banned them and countless more considering it.

While we have worked through these bills, we have seen the wide- ranging impact it has had. We have even heard in a committee hearing from colleagues like Congresswoman Dingell, who was initially told that her prescription would be $1,300 but then talked to her pharmacist and got an equivalent for $40.

I want to repeat that.

We have even heard in a committee hearing from colleagues like Congresswoman Dingell, who was initially told that her prescription would be $1,300 but then talked to her pharmacist and got an equivalent for $40.

The discrepancy in costs should really be a wake-up call for how formularies are being impacted. Let's get this legislation passed so we can take on the other issues in this space.

While I am pleased that we are taking these important steps toward reining in PBMs and drug costs, I think there is still far more work ahead.

Again, Madam Speaker, I want to thank you for including these bills on the legislative calendar for today. I sincerely hope that you take the resounding national support for banning gag clauses in consideration in the future and allow patients to regain control of their medical decisions back from multibillion-dollar middlemen.

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Mr. CARTER of Georgia. Madam Speaker, I yield as much time as he may consume to the gentleman from Oregon (Mr. Walden), the honorable chairman of the full Committee on Energy and Commerce.

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Mr. CARTER of Georgia. Madam Speaker, I yield myself the balance of my time.

Madam Speaker, I want to thank my colleagues on the other side of the aisle, and I want to assure them that this is only the beginning of what we intend to do and what I intend to do to help to lower prescription drug prices here in America.

Madam Speaker, I want to thank also my colleagues on this side of the aisle for all of their help. I ask for support of this legislation, and I yield back the balance of my time.

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