“Every single member of the committee has been working in a constructive way,” Chairman Ron Wyden said in his opening statement lauding the bipartisan effort.The Modernizing and Ensuring PBM Accountability Act, which passed committee 26-1, requires Medicare Part D insurance plans to have a written contract with PBMs to regulate pricing of prescriptions and increase transparency in pricing negotiations.
In response to these problems, the committee’s bill decouples the revenue stream of PBMs from the sticker price. Sen. Ron Johnson was the only dissenting vote on the committee. He said there was already not enough free market competition in healthcare, which contributed to high prices across the system.
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