Biden's Assault on American Business: Targeting PBMs to Raise Drug Costs

Former Secretary of State Mike Pompeo blasts the Biden administration's misguided war on pharmacy benefit managers, warning that it will escalate government power, raise drug prices for Americans, and stifle competition in the free market.

America's free-market health care system has been the cornerstone of affordable and accessible medical products for countless citizens. However, the Biden administration's misguided eagerness to expand government influence and control poses a significant threat to the viability of this vital system.

The Federal Trade Commission (FTC), under the leadership of Lina Khan, has embarked on a relentless campaign against pharmacy benefit managers (PBMs), falsely accusing them of inflating drug prices and undermining competition. This narrative, perpetuated by biased media outlets, grossly misrepresents the crucial role PBMs play in securing lower drug prices for insurance companies, employers, and consumers alike.

Biden's Assault on American Business: Targeting PBMs to Raise Drug Costs

PBMs act as intermediaries, negotiating with drug manufacturers to obtain more favorable drug prices. This competitive environment empowers patients and families with reduced prescription costs. Moreover, nearly every employer in America relies on PBMs to manage their prescription drug benefits, demonstrating the widespread trust and value they provide.

Eliminating or weakening PBMs would have devastating consequences for the drug price crisis that families have endured under the Biden administration. It would empower big pharma and grant unchecked power to the federal government, leaving the American people as the ultimate losers.

Biden's Assault on American Business: Targeting PBMs to Raise Drug Costs

The true culprits behind soaring drug prices lie in the patent system, which allows unscrupulous drug manufacturers to manipulate old drugs and extend their patent protection, thereby preventing competition and maintaining inflated prices. Congress must prioritize addressing this anticompetitive behavior, as outlined in the Affordable Prescriptions for Patients Act.

The Biden administration's obsession with government intervention and socialist meddling has extended its tendrils to various industries, including grocers, beverage companies, and AI chipmakers. Their misguided actions have consistently backfired, leading to unintended negative consequences for Americans.

Biden's Assault on American Business: Targeting PBMs to Raise Drug Costs

Congress must actively support free-market entities like PBMs and resist the Biden administration's socialist agenda. By empowering the free market rather than constricting it, we can safeguard competition, reduce drug prices, and preserve the exceptional healthcare system that American citizens deserve.