Arkansas Attorney General Tim Griffin, joined by Attorneys General from 39 other states and territories, is urging Congress to ban pharmacy benefit managers (PBM) from owning pharmacies. This federal push follows an Arkansas bill sent to the governor with the same goal.
Attorney General Tim Griffin says “PBMs are third-party administrators of prescription drug programs for health plans, and as such they heavily influence drug prices for pharmacies. Over the past few decades, PBMs have increasingly moved into the space of pharmacy ownership and operation. This has allowed them to set certain drug prices for pharmacies they control while setting less competitive prices for independent pharmacies and others outside their scope of influence.”
“While this practice hurts small businesses, it ultimately hurts consumers by driving down competition. The letter that I led alongside the attorneys general of Massachusetts, Missouri, and Vermont urges Congress to take action and protect consumers by enacting a law prohibiting PBMs or their parent companies from owning or operating pharmacies.”
“We have stood by for too long and watched PBMs’ influence encroach on consumers and small businesses. It is far past time that we act to restore the balance of competition and ensure that PBMs only play the role they were always meant to play.”
To view the full letter to Congress, click here.
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