The Biden administration’s proposal to give the Federal Trade Commission (FTC) the power to regulate pharmacy benefit managers (PBMs) through the PBM Transparency Act is causing concern for the people of Mississippi. PBMs are entities hired by health plans to negotiate with the pharmaceutical industry and lower the cost of prescription drugs for consumers at the pharmacy counter.
Casey Mulligan, the former Chief Economist to President Donald Trump’s Council of Economic Advisers, found that PBMs save consumers a significant amount of money each year. This discovery, along with the FTC’s previous warning to the Mississippi State House that implementing regulations on PBMs would likely increase prescription drug prices, led Mississippi to reject a similar bill proposed by the pharmaceutical industry.
However, the Biden FTC has surprisingly reversed its position on PBMs and is now urging Congress to grant the commission the authority to regulate them. The close relationship between the Biden administration and the pharmaceutical industry, coupled with the industry’s powerful lobbying efforts, raises concerns about the motivations behind this reversal.
Granting the FTC more power to regulate healthcare could have detrimental effects on the people of Mississippi. Over half of Mississippians are already worried about the high cost of prescription drugs, and a significant portion of the population has reported making compromises on their medication due to affordability concerns.
The Senate Commerce Committee, not unelected bureaucrats, should be responsible for making decisions of this magnitude related to healthcare regulation. The fate of Mississippians’ access to affordable healthcare may depend on the Senate Commerce Committee standing up for its authority and jurisdiction.
Source: Not provided
Definitions:
– Pharmacy Benefit Managers (PBMs): Entities hired by health plans to negotiate with the pharmaceutical industry and reduce the cost of prescription drugs.
– Federal Trade Commission (FTC): An independent agency of the US government responsible for protecting consumers and promoting competition in various industries.
– Biden FTC: Referring to the Federal Trade Commission under the Biden administration.
– Pharmaceutical Industry: The industry involved in the research, development, production, and marketing of drugs.
– Senate Commerce Committee: A committee in the United States Senate responsible for overseeing matters related to commerce, trade, and the economy.
Sources: Not provided
