UNH - Bill to rein in pharmacy agents heads to Senate after committee vote

The Senate Commerce Committee voted 19-9 on Wednesday to advance Pharmacy Benefit Manager Transparency Act to the full Senate as the U.S. lawmakers increase scrutiny over pharmacy benefit managers. U.S. Senators Maria Cantwell (D-Wash.) and Chuck Grassley (R-Iowa) introduced the bill in May to broaden the authority of the Federal Trade Commission (FTC) over the pricing practices of PBMs, which operate as middlemen between drugmakers and consumers. The bipartisan bill would prohibit spread pricing by PBMs and authorize the Federal Trade Commission (FTC) and state attorneys general to seek civil penalties. PBMs decide which drugs get covered by health plans and negotiate prices with manufacturers. Leading PBMs include the Caremark unit of CVS Health (NYSE:CVS), Evernorth of Cigna (CI), OptumRx of UnitedHealth Group (UNH), and IngenioRx of Anthem (ANTM). Last week, the FTC voted unanimously to adopt a policy statement intending to more closely examine the rebates and fees paid by drug manufacturers

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Bill to rein in pharmacy agents heads to Senate after committee vote