UChicago Economics Prof. Compares Costco to Pharmacy Benefits Managers (PBMs): Medicine Monopoly

U.S. Senate Committee on Commerce, Science, and Transportation convenes a full committee hearing at 10 a.m. ET on Feb. 16 on “Bringing Transparency and Accountability to Pharmacy Benefit Managers (PBM).”

PBMs are pivotal in how Americans access their medications and how much they pay, but people hardly ever know how PBMs operate.

This hearing intends to address how the Pharmacy Benefit Manager Transparency Act would bring transparency into PBM business practices and prevent unfair or deceptive PBM conduct from harming consumers.

The bipartisan Pharmacy Benefit Manager Transparency Act of 2023 (S. 127) was introduced by Committee Chair Maria Cantwell (D-Wash.) and Sen. Chuck Grassley (R-Iowa) on Jan. 27, 2023.

U.S. Sen. Chuck Grassley (R-Iowa); Seattle-based independent pharmacy Kelley-Ross Pharmacy Group CEO Ryan Oftebro; Texas Oncology Debra Patt; the University of Southern California, Schaeffer Center Co-Director Erin Trish; and the University of Chicago Professor in Economics Casey B. Mulligan will provide testimony.

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