Hawley grills pharmacy benefit managers for high drug prices

WASHINGTON — Today, U.S. Senator Josh Hawley (R-Mo.) blasted pharmacy benefit managers (PBMs) for raising drug prices and profiting at the expense of Missourians.

Senator Hawley grilled Pharmaceutical Care Management Association (PCMA) President J.C. Scott, questioning why Americans pay 422% more than other countries for the same brand name prescription drugs.

“You’re supposed to be making drugs more affordable for consumers – would you say that you are succeeding?” Senator Hawley asked, before answering his own question: “I think the answer you are looking for is no.”

“Either you’re the worst negotiators in the history of the world, or something’s wrong with your business model,” Senator Hawley continued.

He then went on to list some notable statistics about Big Pharma and their PBM middlemen, including:

• The three biggest pharmacy benefit managers own 80% of the markets.
• Two counties in Missouri (Knox and Schuyler) do not have access to a single pharmacy due to lack of marketplace competition.
• In fiscal year 2023, 73 pharmacies closed down in Missouri, impacting 19 counties.
• The top three PBMs generated $7.3 billion in revenue from dispensing drugs in excess of the drugs’ estimated acquisition costs from 2017-2022.

“Missourians are getting screwed while you’re getting rich,” Senator Hawley concluded, emphasizing the need for Congress to pass his bill to break up the alliance between insurance companies, PBMs, and pharmacies.

Senator Hawley has been a staunch advocate for Missourians at the checkout counter; just last week, he introduced bipartisan legislation to lower drug prices, which was followed up by President Trump’s executive order taking on Big Pharma. Senator Hawley urged Congress to pass this bill also.