PBM Reform Act advances

Ending the week with a step forward on PBM reform, and a look at how climate change is impacting our health in more ways than one. (508 words, 2 minutes, 32 seconds)

PBM Reform Act moves forward

The Senate Health, Education, Labor, and Pensions (HELP) Committee took a step toward meaningful PBM reform—here’s what happened.

The news: The Senate HELP Committee advanced the Pharmacy Benefit Manager (PBM) Reform Act by a vote of 18-3—Bio.News has details on the proceedings and key amendments.

“PBMs are companies that manage prescription drug benefits on behalf of private health insurers, Medicare Part D drug plans, large employers, and other payers,” says the Federal Trade Commission (FTC), which is currently investigating them. “The largest PBMs are vertically integrated with health insurance companies and specialty pharmacies, giving them financial incentives to steer patients to use their affiliated services.” 

What’s the PBM Reform Act?The bill would increase transparency and mandate PBMs pass on rebates they take from drug makers, and also ban spread pricing.

Why it matters: “PBM reform was not part of the Inflation Reduction Act,” said BIO’s Chief Advocacy Officer Nick Shipley. “I think a lot of policymakers are perhaps looking to address that and bring that part of the puzzle into focus—because you can’t really have holistic reform of pricing without addressing it. It is far and away one of the biggest components of the drug pricing ecosystem, but one of the least transparent and also has the most questionable value added.” 

Watch:

Read more about what happened in the Senate HELP Committee this week.

More Health News: 

U.N.: Mpox public health emergency declared over
“However, as with COVID-19, that does not mean that the work is over. Mpox continues to pose significant public health challenges that need a robust, proactive, and sustainable response,” cautioned WHO Director-General Tedros Adhanom Ghebreyesus.

Snapshot: BIO at DelawareBio 2023 Life Science Conference

On May 11, BIO CEO Rachel King joined DelawareBio’s 2023 Delaware’s DNA Life Science Conference, where she hosted a fireside chat with Hervé Hoppenot, CEO of Incyte. The event brought together regional and national biomedical researchers, business leaders, investors, and policymakers to highlight the momentum and opportunity of Delaware as a global hub of innovation and growth.   

Climate change is causing severe health risks

In the past few weeks, several studies have shown how increasing emissions and temperatures hurt more than just the environment. 

The impact on kids: Temperature change of just 2-4°C is leading to substantial increases in cases of asthma and Lyme disease, while high heat is projected to cause a 4-7% decline in academic achievement, said an April report from the Environmental Protection Agency (EPA).

The impact on lung health: “Nearly 36% of Americans—119.6 million people—still live in places with failing grades for unhealthy levels of ozone or particle pollution,” says the American Lung Association’s recent report on air quality. “Climate change is making the job of cleaning up the air more difficult.”

The impact on the economy: “Air pollution from U.S. oil and natural gas production causes roughly $77 billion in health impacts nationwide every year, while also contributing to thousands of early deaths and health flare-ups,” reports Axios on a new study in Environmental Research. 

What they’re saying: “Confronting climate change isn’t about sacrifice, it’s about opportunity—the biggest one we have to build a better future,” says EPA Administrator Michael Regan.

The solution: Advancing biotech—including sustainable fuels to reduce emissions in transportation, animal feed additives to reduce emissions in agriculture, and gene editing to address the impact of climate on our food supply (to name just a few).

President Biden’s Friday: Holding a bilateral meeting with President of Spain Pedro Sanchez.

What’s Happening on Capitol Hill: Enjoy the weekend.