Judiciary Committee witnesses back Grassley’s efforts to boost pharmaceutical industry competition, improve patient care
WASHINGTON – Sen. Chuck Grassley (R-Iowa) today participated in a Senate Judiciary Committee hearing to examine competition in the prescription drug industry. In addition to previously leading the Judiciary Committee, Grassley serves as a senior member and former chairman of the Finance Committee, which oversees Medicare and Medicaid.
Lowering prescription drug costs and shining light on opaque pharmacy benefit manager (PBM) practices are among Grassley’s top priorities, informed by Iowans’ insights. PBMs manage every aspect of the prescription drugs benefit process – from setting prices, to deciding which drugs insurance plans cover and where they’re dispensed. Three PBMs control nearly 80 percent of the market, yet neither Congress nor the public has adequate visibility into their operations or impact on prescription drug prices.
Today’s hearing witnesses included legal authorities and members of the pharmaceutical industry. An overview of Grassley’s questions follows.
Grassley highlighted his legislation dealing with pay for delay, product hopping and evergreening, citizen petitions abuse and PBM practices. He specifically urged action on the five bills he’s either leading or supporting that have passed the Judiciary Committee this Congress.
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