Lawmakers call for drug price transparency, lower costs

(The Center Square) – A bipartisan group of lawmakers on Wednesday called on pharmaceutical companies to provide increased price transparency and lower costs for drugs.

Elected leaders on the U.S. House Energy and Commerce subcommittee on Health questioned pharmaceutical company leaders over their role in rising prices for prescription drugs. Several Congressional leaders accused pharmacy benefit managers of inflating drug costs beyond reasonable prices.

UnitedHealthcare, a leading insurance provider, reimburses its own providers an average of 17% more than it pays independent providers for the same services, according to a study published by Health Affairs.

The bipartisan panel offered various solutions to address rising drug costs. U.S. Rep. Morgan Griffith, R-Va., suggested pharmaceutical benefit managers operate as fiduciaries in order to leave them with greater liability in cases where certain treatment or coverage caus...