US Senator James Lankford (R-OK) announced that provisions he supported to address the role of Pharmacy Benefit Managers (PBMs) in prescription drug pricing have been signed into law. The legislation aims to increase transparency in drug pricing, support independent pharmacies, and help lower costs for patients.
“For too long, Americans have watched prescription drug costs climb while middlemen in the system take an outsized cut of what should be saving patients money,” said Lankford. “For years, I have worked to change the law to prevent pharmacy benefit managers from driving up prices and limiting options for Oklahoma families; Today, my work became law. With this provision now law, we have much greater transparency and accountability to the pricing process so families across Oklahoma and the country can afford the medicines they depend on. This is a win for patients, for pharmacies, and for everyday budgets at pharmacy counters everywhere. There is more work to be done to ensure PBMs are accountable and both pharmacies and patients are treated fairly, but today marks a significant step toward long-needed reforms.”
Douglas Hoey, CEO of the National Community Pharmacists Association, commented on the reform: “We’re grateful to Senator Lankford for his persistent and unwavering support. This is the first major PBM reform since the creation of the Medicare Part D program more than 20 years ago. It will help protect patients’ freedom of choice, and it will prevent pharmacy benefit managers, the prescription drug divisions of Big Insurance, from using confusing and convoluted contract terms to drive community pharmacies out of business.”
The new federal funding package includes elements from several bills introduced by Lankford over recent years focused on lowering prescription drug costs and protecting local pharmacy access. These include measures such as The Protect Patient Access to Pharmacies Act, Patients Before Middlemen Act, and Prescription Drug Supply Chain Pricing Transparency Act.
Senator Lankford represents Oklahoma in the United States Senate and chairs the Senate Select Committee on Ethics while serving on committees related to finance, homeland security, and intelligence. His legislative efforts emphasize reducing costs for families among other priorities outlined on his official website. He was elected to the Senate in 2014 after previously serving in the House of Representatives.
Lankford’s focus has included increasing transparency around PBMs so that community pharmacists are treated fairly and patients can access affordable medications.
