As the national debate over drug pricing ramps up, Pharmacy Benefit Managers (PBMs) find themselves squarely in the spotlight. PhRMA, which has also criticized hospitals for marking up drug prices by as much as 500%, launched a seven-figure ad campaign targeting proposals in Congress to lower drug prices. PhRMA, which counts companies such as Pfizer,…
Specialty pharmacy association backs bipartisan drug pricing plan
This week, bipartisan lawmakers in the House and Senate introduced legislation known as the Pharmacy DIR Reform to Reduce Senior Drug Costs Act. The bill would make changes to fees tied to direct and indirect remuneration, or DIR, under Medicare Part D. The National Association of Specialty Pharmacy (NASP) released a statement applauding the proposed…
Democrats eye sweeping drug-pricing reform to fund infrastructure spending
Democratic lawmakers joined by Sen. Bernie Sanders (I-Vt.) are preparing drug pricing controls that could help bankroll a planned $3 trillion infrastructure bill they will attempt to pass in the summer. If Democrats add the drug-pricing proposal to their next budget reconciliation bill, they could pass it with a simple majority in both the House…
Medicare drug pricing cuts face long odds, expert says
One of the chief objectives of various drug pricing reform efforts in recent years has been reducing Medicare costs for patients and the federal government. Last year, CMS highlighted reductions in prices for insulin and other drugs covered under the Medicare prescription drug benefit (Medicare Part D). But it is more likely that Medicare drug prices for…
Unclear path for drug-pricing reform after Dem sweep
With Democrats having gained control of the Senate and the presidency, some form of drug-pricing reform is likely. But with the raging COVID-19 pandemic and ongoing threats to the Affordable Care Act, Democrats are more likely to focus on those issues in the near term, according to Barrett Thornhill, a partner at the public affairs…
Pharma industry and Biden administration could be on a drug-pricing collision course
Prominent pharmaceutical companies including Pfizer (NYSE:PFE), Sanofi (NYSE:SNY), GlaxoSmithKline (NYSE:GSK) and Teva (NYSE: TEVA) intend to raise U.S. prices of more than 300 drugs starting Jan. 1, according to Reuters. But President-elect Joe Biden has vowed to slash drug prices. “Too many Americans cannot afford their prescription drugs, and prescription drug corporations are profiteering off of the pocketbooks of sick individuals,” he wrote in a healthcare…
Trump’s ‘most-favored nation’ drug-pricing plan hits a snag
A federal judge in Maryland has temporarily blocked a Trump executive order that tied Medicare reimbursement for several drugs to lower rates in other countries. The executive order was facing a flurry of lawsuits. U.S. District Judge Catherine C. Blake sided with the plaintiffs’ argument that the Department of Health and Human Services (HHS) did not…
Trump’s ‘most-favored nation’ drug pricing scheme faces lawsuits
Almost immediately after President Trump indicated he planned on tying Medicare reimbursement for dozens of drugs to lower rates in other countries, it seemed certain that legal action was inevitable. Now, Trump’s executive orders related to drug pricing are attracting a growing number of lawsuits. Earlier this month, the Pharmaceutical Research and Manufacturers of America (PhRMA),…