Roundtable held to lower drug costs, reform rules on middlemen

September 5, 2024 Brooklyn Eagle Staff

U.S. Rep. Malliotakis of Brooklyn and Staten Island. Photo: John Minchillo/AP.

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NATIONWIDE — Brooklyn Congressmember Nicole Malliotakis (R-11) is hosting a roundtable in Staten Island on Thursday, Sept. 5, to discuss the pharmaceutical field and curbing the cost of prescription medications. The roundtable brings in small-business pharmacies and nationwide trade-associations such as the National Association of Chain Drug Stores, and the Pharmacists Society of the State of New York. The roundtable plans to discuss alleged abusive Pharmacy Benefit Manager (PBM) practices that raise the cost of prescription drugs and drive independent pharmacies out of business, as well as legislative solutions. As a member of the House Committee on Ways and Means, Malliotakis has worked to advance bipartisan legislation out of committee to lower the cost of prescription drugs. Malliotakis’ two bills have a broad coalition of support and she expects that PBM reforms will be considered by Congress in the coming months.

While organizations such as The Commonwealth Fund defend PBMs as effective in negotiating larger rebates from large pharmaceutical companies to cut costs, the drug companies claim that they ultimately have to raise list prices in order to pay the middlemen.

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