National Employer Group Praises Drug Deal Announced Today
The Purchaser Business Group on Health (PBGH) commends congressional negotiators who struck a landmark deal to reform the prescription drug market. The compromise deal announced today would hold down the price of drugs for working families who receive health care through their employers and purchase drugs in the private market. Further, it would allow Medicare to negotiate the price of certain high-cost drugs for Medicare beneficiaries and would provide unprecedented transparency into how pharmacy benefit managers (PBMs) negotiate drug prices.
“While the scope of the bill has shrunk, negotiators maintained the most important provision for America’s employers and employees: the bill caps the increase of drug prices for both Medicare and private purchasers,” said Elizabeth Mitchell, president and CEO of PBGH. “This provision provides meaningful relief to America’s employers and the 180 million people who receive health coverage through their employer or purchase it in the private market.”
“We are particularly grateful to House Speaker Nancy Pelosi, House Energy and Commerce Committee Chairman Frank Pallone and Senate Finance Committee Chairman Ron Wyden for their steadfast and dogged support of America’s working families,” continued Mitchell. “High drug prices are an economic issue. They drain resources from America’s businesses and impose a significant burden on working families. This legislation represents an important first step to lowering drug prices for all Americans. While the bill’s negotiated prices apply only to Medicare, we look forward to working with Congress to extend that benefit to the private market in the future.”