Public Disclosure of Drug Discounts and Real-Time Beneficiary Drug Cost Act

Floor Speech

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Mr. ARRINGTON. Madam Speaker, I thank my friend and fellow Texan, Dr. Burgess, for yielding me time to speak.

Madam Speaker, I rise today in support of H.R. 2115, legislation I was proud to help lead and support, alongside Congresswoman Spanberger, which will provide greater transparency to the discounts negotiated between insurance companies and drug manufacturers through what are known as pharmacy benefit managers, or PBMs.

One of the reasons why drug costs have spiraled out of control is because discounts negotiated by PBMs are shrouded in secrecy. Americans are left in the dark about the rebates, and we have no idea where the value of those rebates go.

But we know this: We know they are not going to our seniors. We know they are not going to them at the point of sale. This has created a system that is confusing and overly complicated, particularly for our seniors.

My greatest concern is that the value, again, of these rebates is being passed to our seniors, who need the relief desperately.

The answer to this drug affordability crisis is not to impose more government control, which would only further distort the market, further confuse our seniors, and increase costs on all Americans. Instead, we need to activate the forces of competition and provide patients with more transparency in this process so that they are empowered to know exactly what their options are and what they are paying for each time they visit the pharmacy.

This legislation will help ensure that rebates go toward reducing the cost of drugs for our seniors as well as the cost to the American taxpayer.

Additionally, I am thankful this legislation includes the text of my bill, the Shop Rx Act. This provision, which I carried in committee with the support of both Republicans and Democrats, requires drug plans for seniors to offer realtime information regarding the various options of drugs and their associated costs.

By providing seniors with access to the readily available and relevant information they need in order to be real consumers, we will empower them with the knowledge to choose the options that best fit their needs and their budget. Once consumers have more information, they will have more choices, and insurers will have to actually compete for their business, which will ultimately bring down the cost of drugs.

Madam Speaker, I believe this legislation will help transform the system from one in which patients are often powerless victims to one in which they have true bargaining power and real control over their healthcare needs. I am proud to support it, and I encourage my colleagues to do the same.

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