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Shutdown averted—and the House Energy & Commerce Health Subcommittee advanced key legislation to rein in PBMs. Plus, two important climate reports this week highlight the need for government policy to advance existing biotech solutions. (542 words, 2 minutes, 42 seconds) |
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PBM legislation advances in House |
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The House Energy & Commerce Health Subcommittee advanced 21 health-related bills yesterday, including bipartisan legislation to check abuses by pharmacy benefit managers (PBMs). Why it matters: PBMs play a “disruptive role” as “middlemen” profiting by driving up drug prices, said Ranking Member Anna Eshoo (D-CA).
PBM legislation approved included: - H.R. 2880: Protecting Patients Against PBM Abuses Act: Rep. Buddy Carter (R-GA) said his bill, which delinks PBM compensation from medication cost, bans spread pricing, increases transparency, and ensures fair pharmacy compensation.
- H.R. 5393, co-sponsored by Reps. Carter and Morgan Griffith (R-VA), addresses PBM fees and creates transparent, standard measures for determining payments to pharmacies, said Griffith.
- H.R. 5385, Medicare PBM Accountability Act, which would make PBMs report cost savings they receive for drugs, explained co-sponsor Rep. Diana Harshbarger (R-TN).
Another noteworthy bill approved: - Home infusion drugs that are not self-administered would receive Medicare coverage under H.R. 5397, ensuring patients can access the therapy that best suits their needs, explained co-sponsor Rep. Neal Dunn (R-FL).
The approved bills “represent reasonable bipartisan reforms” to ensure Medicare can continue to meet the needs of beneficiaries and providers, said Chair Brett Guthrie (R-KY).
What’s next: The full House and the Senate must approve the bills to become law. Click here to ask your lawmakers to take action on PBMs. More Health News: FT: UK approves CRISPR gene editing therapy in global first
“The Medicines and Healthcare Products Regulatory Agency has approved the therapy, called Casgevy, which was developed by Vertex Pharmaceuticals and CRISPR Therapeutics. The drug could be used to replace bone marrow transplants.”
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U.S., U.N. climate reports urge greater use of existing biotech solutions |
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We have solutions to counter climate change—including biotechnology—but we’re not using them, say two major reports released this week. The key takeaway: The impact of climate change is especially severe in the United States, and more damage is unavoidable, but we have solutions, including biotech, says the Fifth National Climate Change Assessment, released Monday.
In dollars: For every degree Fahrenheit rise in global warming, U.S. economic growth slows 0.13%, the report says.
In disasters: The United States set a record in 2023 with 24 $1-billion-plus climate disasters like droughts, floods, fires, and hurricanes, federal figures show. The report says some damage is irreversible and expected to worsen over the next decade.
We already have technology to make a difference—we’re just not using it, according to the federal report and a U.N. report released Tuesday.
This includes... sustainable aviation fuels that dramatically reduce aviation emissions, as well as technology to reduce carbon in manufacturing and plants that sequester carbon, as a few examples.
The bottom line: Both reports call for government action to enable biotech solutions—like the Farm Bill, which still awaits passage. |
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Are you leaving money on the table?
| Did you know that only about 1/3 of eligible biotechs are taking advantage of the R&D tax credit? If your company is involved in R&D activities but hasn’t applied for the federal R&D tax credit, you might be missing out on potential tax savings. Find out if you potentially qualify for the tax credit with a free initial assessment with ADP.
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