If Americans want to pay less for prescription drugs, there is no way to do it without reforming the Pharmacy Benefit Manager industry. Congress should do so by the end of this year.

The PBMs, once known for reducing drug costs, no longer exist. Literally, they are no longer independent companies. They sit inside the insurance giants that own them. Cash machines to help health conglomerates hit quarterly numbers.

For 15 years, I led the trade association representing PBMs when they were independent firms competing to lower costs. PBMs helped build Medicare Part D — one of the most successful and popular public-private partnerships in modern health policy.

Back then, the model reduced patients’ drug costs. Today, out-of-pocket drug costs are rising seven times faster than the underlying

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