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WASHINGTON — Axios reported Tuesday evening that executives from the three largest pharmacy benefit managers in the U.S., OptumRx, CVS Caremark and Express Scripts, will testify before the House Oversight Committee on July 23.
Jessica Collins, a spokesperson for the Oversight Committee, confirmed that all three PBMs have agreed to testify. The hearing was initially scheduled for the spring but was postponed later
It comes amid mounting criticism over the PBMs’ role in soaring drug prices.
The Federal Trade Commission (FTC) said in a report on Tuesday that OptumRx, CVS Caremark, and Express Scripts, run by UnitedHealth, CVS Health and Cigna, respectively, processed nearly 80% of total prescriptions dispensed by U.S. pharmacies last year.
The report, released as part of an ongoing investigation into PBMs’ business practices, sheds light on how the companies also known as pharma middlemen thrive at the expense of patients and independent pharmacies.
