ATAP Statement on Modernizing and Ensuring PBM Accountability Act

ATAP thanks the Senate Finance Committee for its bipartisan commitment to advancing meaningful PBM reform. The Modernizing and Ensuring PBM Accountability Act, which the Committee approved on July 26, 2023, takes critical steps to begin to restore sanity to our drug pricing system. By severing the link between drug prices and PBM income, the legislation will correct one of the main underlying perverse incentives driving up patient costs. All in all, this bill will begin to fix a deeply broken market that has enabled profiteering at the expense of patients and community pharmacies.

We were excited to support this legislation and are encouraged by the commitments from Chairman Wyden and Ranking Member Crapo to include additional provisions in the Committee’s final reform package, including a requirement for PBMs to pass through price concessions directly to patients in the form of lower out-of-pocket costs.