Executives from five of the companies that negotiate drug prices on behalf of insurers testified Tuesday before the Senate finance committee. It was the latest in a series of hearings centered on the rising cost of prescription medication, which has captured attention on both sides of the political aisle and is likely to become a central issue in the 2020 election cycle.

These companies, known as pharmacy benefit managers (PBMs), negotiate prices with drug companies, using access as leverage. PBMs control which drugs are included or excluded from an insurer’s roster.

Their secret negotiations often lead to rebates and discounts that… Read more »