BILLINGS- More Americans struggle with paying for prescription drugs, and many times there’s someone in between the drug company and the consumer who negotiates the price.
U.S. Sen. Steve Daines, R-Mont., said Monday he’s introduced a bill to create transparency around what that “middle man” is doing.
That includes looking into the effects of company consolidation on drug pricing.
As many companies merge, it creates less competition and allows for an increase in drug prices, according to Daines.
In fact, three companies control a 73 percent share of the pharmacy benefit manager industry.
One of the most well-known spikes is the 500 percent increase in Epi-Pen costs from 2007 to 2016.
The life-saving drug jumped from $100 to more than $600, according to The New York TImes.
Daines’ bill, called the Prescription Pricing for the People Act of 2019, is co-sponsored by Republican Sen. Chuck Grassley of Iowa and Democratic Sen. Maria Cantwell of Washington.