Pharmaceutical Commerce: The Consolidated Appropriations Act and PBM Transparency
Frier Levitt Life Sciences attorneys, Dae Y. Lee, Pharm.D., Esq., CPBS and Jonathan Levitt, Esq. co-authored an article titled: “The Consolidated Appropriations Act and PBM Transparency” in Pharmaceutical Commerce on May 12, 2023.
In this piece, Dae and Jon delve into the significant changes brought about by the Consolidated Appropriations Act (CAA) to pharmacy benefit plan structures, aiming to equalize the power dynamics between Pharmacy Benefit Managers (PBMs) and their employee healthcare benefit plan clientele. This groundbreaking federal legislation illuminates the opaque operations of PBMs, elucidating drug pricing and rebate complexities. As Jon asserted during his testimony at the U.S. Senate Committee on Finance’s hearing called “Pharmacy Benefit Managers and the Prescription Drug Supply Chain: Impact on Patients and Taxpayers,” PBM business practices necessitate greater transparency. This law marks a vital step towards enabling patients and promoting more affordable healthcare.
Read the article here.
To view Jonathan’s opening statement of his testimony, click here.