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Capital Rx President Matt Gibbs, PharmD, Testifies Before the U.S. Senate Finance Committee on PBM Business Model Impact

March 31, 2023

Capital Rx

At Capital Rx, we broadly support state and federal reform initiatives related to improving the transparency and accountability of the pharmacy benefit management (PBM) industry. Matthew Gibbs, PharmD, President of Capital Rx, was the only current PBM executive to testify before Senate Finance Committee Chair Ron Wyden, D-Ore., Ranking Member Mike Crapo, R-Idaho, et al. at the March 30, 2023 hearing titled “Pharmacy Benefit Managers and the Prescription Drug Supply: Impact on Patients and Taxpayers.” You can watch the replay and access Gibbs' written testimony below.

Drug Pricing & PBM Reform

Drug pricing in the U.S. is fundamentally broken, but if every drug has a price available for all to see, it will create equity and improve access for all Americans.

“We've been very public and consistent about our stance on regulation of the PBM industry and potential solutions for many of the issues that plague plan sponsors and patients," said Matthew Gibbs. "There are some common sense ways to improve the visibility into the black box that is the traditional PBM model. You can look at the pricing index being used, the pass-through of rebate dollars, and 'other' pharma revenue, to name a few. At the end of the day, it's up to plan sponsors and administrators to say they're not willing to accept the status quo any longer, but regulators can help and are asking many of the right questions about legacy PBM practices that must change."

CLICK HERE to access Matt Gibbs' written testimony.

Capital Rx executives, including Gibbs, Josh Golden, SVP, Strategy, and Jessin Joseph, PharmD, Sr. Director, PBA Services, have testified recently before state legislators in Colorado (March 2023) and Kentucky (Sept. 2022) on a range of topics, but the message is always clear: we are both humbled by and appreciative for the opportunity to address legislators on reform initiatives aimed at fixing a fundamentally broken, unnecessarily complex system that allows PBMs to control prescription drug pricing and retain margin at the expense of pharmacies and payers (plan sponsors).

If you'd like to learn more about Capital Rx's full-service pharmacy benefit solutions or have questions about our stance on industry reform initiatives, please get in touch!

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