Recognizing that more than eight in 10 American adults believe the cost of prescription drugs is unreasonable, Sen. Mike Lee (R-Utah) recently introduced the Biosimilar Red Tape Elimination Act to make it easier for generic drugs to come to market. The mission of his legislation is straightforward — to increase competition so that big pharmaceutical companies no longer have the power to price gouge the over half of Utah residents worried about affording the medications they need to remain safe and healthy.
Unfortunately, however, Sen. Bernie Sanders (I-VT) and some of Sen. Lee’s other colleagues have other plans. They recently introduced the PBM Transparency Act, which would reduce Americans’ access to generic drugs if passed. To say this bill would be counterproductive if enacted would be a massive understatement.
The legislation takes aim at PBMs, groups that 90% of Americans with prescription drug coverage use out of recognition that they save drug purchasers considerable sums. The most recent data pins the cost-savings number at roughly $1,000 per American each year.
Essentially, insurers hire PBMs to fight against the major pharmaceutical companies that try to prevent the American people from accessing cheaper, generic medications. They call Big Pharma’s predatory activities out for what they are, securing fair deals for the American people while increasing their access to affordable, life-saving drugs.
The Office of Management and Budget made this clear in congressional testimony. It stated that thanks to PBMs, “we have seen a very dramatic shift towards generics and away from branded drugs,” which was “the primary explanation for why Part D in Medicare is costing a lot less than was projected initially.”
That’s why it’s so infuriating that Sen. Sanders’ bill is taking aim at these very healthcare entities that work for Utahns rather than against them. This behavior is unbecoming of the senator that has made holding the major drug companies accountable a core part of his campaign speeches and promises. Then again, Washington, D.C. has become synonymous with cult figures who say one thing in public but do another behind closed doors.
Recognizing the significant ramifications that Sen. Sanders’ bill would have for his constituents, Sen. Mitt Romney (R-Utah), who serves on the committee that has jurisdiction over the bill, voiced objections, as did Sen Rand Paul (R-Kentucky) and Tommy Tuberville (R-Alabama); nevertheless, the committee chose to move the bill forward for consideration by the larger Congress anyway.
Color me shocked. According to a recent STAT News report, more than two-thirds of Congress cashed a pharma campaign check, and if the ads that Utahns have seen all over TV and the Internet are any indication, passing Sen. Sanders’ PBM regulatory assault is now the drug industry’s top priority. So it’s only fitting that the cheap suits in our nation’s capital are now folding to industry pressure in moving this bill.
Enough is enough. While it’s never acceptable to play politics with the nation’s health, it’s especially detestable to do so today, when countless Americans find themselves paying record amounts for healthcare.
Utah’s congressional delegation is doing its part to lower drug costs. When will the rest of Congress get in line?
Fortunately, some members of congressional leadership have expressed interest in getting to the true root of America’s prescription drug problems, so there’s reason to be cautiously optimistic that they will opt to squash this counterproductive PBM bill and help Sen. Lee pass his generic drug legislation instead. It’s what the great people of this country need and deserve.
Ryan Smith is chairman of the Utah College Republicans.