HELENA, Mont. (NMB) – A bill introduced in the Legislature seeks to lower prescription drug costs by targeting a hidden “middle-man” that helps determine drug prices.
State Auditor Matt Rosendale says pharmacy benefit managers, or PBMs, siphon money when they work with drug manufacturers to find cheap drugs for pharmacies and also create lists of drugs insurers would cover.
“So we make sure the consumer is getting the benefit of all this additional revenue that’s being pumped into the system. Right now, in many cases, the PBM is the only beneficiary.”
Tim Pierce with the UM Legislative News Service reports, Federal Law prevents regulating PBMs, so Senate Bill 71 would instead put limits on how insurers and pharmacies can work with them.
Sean Slanger with America’s Health Insurance Plans says PBMs are valuable partners, but the high cost of medicine comes from manufacturers themselves.
“We understand that ‘Big Pharma’ is posting record profits, while hard-working Americans often must choose between paying bills and their life-saving medication. This bill has nothing to do with lowering manufacturer’s costs.
The Senate Business, Labor and Economic Affairs Committee did not immediately vote on the bill.
