On Wednesday morning, the Senate Finance Committee held a hearing titled, "The Rising Cost of Health Care: Considering Meaningful Solutions for all Americans." The hearing panel included expert witnesses and the perspective of a patient who shops on the Affordable Care Act marketplace. NCPA also submitted a statement for the record highlighting the need for PBM reform and how it will help lower patient costs, as well as our support for legislation that the Finance Committee previously introduced, which was included in the end-of-year package last year and could help stymie rising health care costs by saving taxpayers $5 billion.
At the hearing, Chairman Mike Crapo (R-Idaho) said he and Ranking Member Ron Wyden (D-Ore.) plan to reintroduce that same legislation that nearly passed last December. This legislation will be introduced in the near future, likely after the Thanksgiving break, and would include NCPA priority legislation addressing Medicaid managed care reform and requiring reasonable and relevant contracts in Medicare Part D.
Also, both Sens. Thom Tillis (R-N.C.) and Chuck Grassley (R-Iowa) commented on the need for PBM reform; Grassley also mentioned his bill directing the Federal Trade Commission to investigate PBMs.
You can watch the hearing here.
