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Floor Speech
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Mr. GRASSLEY. Mr. President, throughout my annual 99-county tour of Iowa, I have learned firsthand from patients and pharmacists about the powerful and negative role that pharmacy benefit managers play in our prescription drug supply chain.
I led a 2-year investigation into insulin price-gouging that showed PBMs encouraged drugmakers to spike the drug's list price in order to offer greater rebates. This secured manufacturers' priority placement on covered meds--all at the expense of patients.
I have pressed the Federal Trade Commission, the FTC, to study PBMs. The FTC's two interim staff reports are very helpful, but I am eager to get the FTC's full study.
In April, I held a Judiciary Committee markup that advanced to the Senate floor my Prescription Pricing for the People Act. The bill will hold the FTC accountable for producing their PBM study in a timely manner. A timely report on PBMs is critical, but we can stop some anti- competitive PBM behavior today. Arbitrary clawbacks and spread pricing are documented tactics PBMs deploy to fill their pockets at the expense of patients and pharmacies. This must stop.
Senator Cantwell and I worked on the PBM Transparency Act through the Commerce Committee to direct the FTC to stop deceptive and unfair pricing schemes by PBMs and require more transparency.
I have also worked on and supported the Finance Committee's PBM legislation from the last Congress. Iowans are fed up with the skyrocketing costs of prescription drugs and reduced access. Americans are fed up. They are eager for Congress to act to put a stop to shady PBM practices. I look forward to making this happen and passing PBM reforms.
We have had about three different approaches to PBM reform, probably cosponsored by 65 to 70 Senators in the U.S. Senate. I know that Senator Cassidy of Louisiana is working real hard to bring together one piece of legislation out of these three. I want to encourage him--I have encouraged him--and I said that I would work with him to help accomplish this. And I thank Senator Cassidy for his leadership in this area, and he is chairman of one of the important committees working on PBM legislation.
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