Letter to the Editor: Pharmacy Benefit Managers are the real culprits behind high prescription drug costs

I recently came across this article from KCCI, which clearly demonstrates how Pharmacy Benefit Managers are the real culprits behind high prescription drug costs, so much so that Iowa leaders are finally taking notice. A bill to stop Pharmacy Benefit Managers from paying pharmacies less money than it costs to fill prescriptions has advanced through the Iowa House Commerce Committee.

With this growing awareness of who is actually behind our high drug costs, Congress should take another look at the Inflation Reduction Act’s pill penalty that aims to bring down out-of-pocket drug costs but instead penalizes innovation and research and plays favorites with prescription drugs.

The pill penalty amounts to simple government price-setting. It allows the government to decide what diseases get new treatments and whether those treatments come in convenient pill form or more cumbersome injections and IV medications, which require a trip to a medical facility. Because it favors one type of medication over another, the pill penalty could also drive up prices and put life-saving treatments out of financial reach for people suffering from serious conditions.

I was glad to see Iowa take steps on Pharmacy Benefit Manager reform. I hope state lawmakers will continue to focus on the real reasons behind high medical costs and take measures that help patients while preserving pharmaceutical innovation. It’s time for Congress to do the same. It must push for Pharmacy Benefit Manager reform and repeal the Inflation Reduction Act’s pill penalty.

Karey Pineda

Des Moines