Attorney General Russell Coleman is calling on Congress to pass a new law protecting Kentuckians from higher drug prices. Coleman and a coalition of 38 other state and territory attorneys general signed a letter urging congressional leadership to prohibit pharmacy benefit managers (PBMs) from owning or operating pharmacies.
PBMs are essentially the middlemen in the pharmaceutical industry. Although dozens of PBMs exist nationwide, a select few dominate the market and wield outsized influence in the availability, dispensing and pricing of prescription drugs.
Each of the top six PBMs operate their own affiliated pharmacies, while five of the top six are also a part of parent conglomerates that operate insurance companies and health care clinics. PBMs—through ownership of affiliated pharmacies—are contracting with and have power over their own pharmacies’ competition.
Last year, Coleman sued two PBMs, Express Scripts and Optum Rx, for their role in the opioid crisis.
“We’re calling on Congress to promote competition, transparency and fundamental fairness into healthcare – something that’s been needed for too long," he said.
The letter sent Monday urges Congress to take action and protect consumers by enacting a law prohibiting PBMs or their parent companies from owning a pharmacy.
Attorney General Russell Coleman wants Congress to protect Kentuckians from high drug prices. (KT photo)
