As the U.S. Congress continues its attempts to reduce the cost of prescription drugs, focus has shifted toward Pharmacy Benefit Managers (PBMs). PBMs are third-party “middlemen” contracted by insurance plans to manage prescription drug benefits, which includes negotiating prescription drug discounts with manufacturers. This forms part of a rare bipartisan effort from Congress, following the enactment of the Inflation Reduction Act that allows Medicare to negotiate the price of certain prescription drugs.
To help legal professionals navigate these efforts at PBM reform, a webinar titled “Understanding PBM Reform: A Guide to Congress’s Proposals to Enact Federal PBM Reform Legislation” has been scheduled for October 26th from 1:00 pm – 2:00 pm ET. The webinar intends to provide insight into the proposed legislation’s implications and explain the Congressional proposals.
This action on PBM reform by Congress is significant. PBMs have grown increasingly influential over the last decade, significantly impacting the management of prescription drug benefits among Insurance Plans. The planned reforms promise to modulate their role and bring about changes in the cost of prescription drugs.
The webinar is an invaluable resource for legal professionals involved in health care law or those from corporations and law firms whose operations may be impacted by these reforms. The discussions during the event will likely dissect the legal, operational, and financial implications of these proposals and shall provide an opportunity for participants to get clarity on various issues related to PBM reforms.