The upcoming “listening session” that the White House is holding on pharmacy benefit managers (PBMs) and high prescription drug prices is missing one important voice – the PBMs themselves.
The role of PBMs has been subject to significant scrutiny from regulators and policymakers. No one disagrees that prescription prices are too high. As we seek to address rising drug prices – especially for single-source brand and complex specialty medications – PBMs have been a target of ire. But this criticism is shortsighted and fails to fully grasp both how drug prices are set and the essential function PBMs perform, often overlooking the consequences of undermining their operations.
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