PBMs under fire for high drug prices, undermining independent pharmacies, harming patients – a slideshow

The three top pharmacy benefit managers (PBMs) are “raising prescription drug prices, undermining community pharmacies, and harming patients across the United States,” according to the U.S. House Committee on Oversight and Accountability.

On July 23, Committee Chair Rep. James Comer (R-Kentucky) published “The Role of Pharmacy Benefit Managers in Prescription Drug Markets,” a report ahead of a hearing with leaders of CVS Caremark, Express Scripts, and OptumRx. Those companies are the three largest PBMs of 66 operating in the United States; they control more than 80% of the prescription drug market and integrating vertically with health insurers, pharmacies and providers including physicians, the report said.

PBMs argue their large size would aid in increasing patient access while decreasing prescription drug costs. “Instead, the opposite has occurred: patients are seeing significantly higher costs with fewer choices and worse care,” the report said.

This slideshow contains key findings from the report and a statement by Comer, as published in an accompanying news release. The full report is here, as published by the House Committee on Oversight Accountability.