Former Secretary of State Mike Pompeo warns that the Biden administration's assault on pharmacy benefit managers (PBMs) will raise drug costs for Americans, undermine the free market, and expand government control over healthcare.
Former Secretary of State Mike Pompeo has decried the Biden administration's misguided attack on pharmacy benefit managers (PBMs) as a threat to affordable healthcare and a dangerous expansion of government power.
In an exclusive interview with Fox News, Pompeo warned that the Federal Trade Commission's (FTC) efforts to regulate PBMs would harm patients and families by driving up drug costs and limiting competition. He stressed that PBMs play a crucial role in negotiating lower prices with drug manufacturers, benefiting insurance companies and ultimately consumers.
Biden's Attack on PBMs: A Threat to Affordable Healthcare
"Our free-market health care system only works if the various players are able to negotiate and compete, which is what ultimately allows patients access to lower prices," Pompeo said.
PBMs have long been recognized for their effectiveness in securing savings for employers, health plans, unions, and government programs like Medicare and Medicaid. Nearly every employer in America hires a PBM, with over 275 million Americans receiving pharmacy benefits through these services.
Biden's Attack on PBMs: A Threat to Affordable Healthcare
Pompeo warned that the FTC under Commissioner Lina Khan has been dedicated to expanding government authority and advancing the Biden administration's radical agenda. He criticized the agency's efforts to hamstring PBMs in the market, which would only exacerbate the drug price crisis that families have been experiencing over the past four years.
"Weakening or eliminating PBMs would only make things worse," Pompeo said. "Big pharma and big government win. The American people lose."
Biden's Attack on PBMs: A Threat to Affordable Healthcare
The former secretary of state argued that Congress should instead focus on addressing the root causes of high drug prices, such as the flaws in the patent system that allow drug manufacturers to manipulate prices and avoid competition.
Pompeo cited the Affordable Prescriptions for Patients Act, introduced in the Senate, as a potential solution to address this issue. The bill aims to lower drug prices by promoting competition and limiting anticompetitive behavior in the drug manufacturing industry.
Biden's Attack on PBMs: A Threat to Affordable Healthcare
"Congress would take a concrete step toward lowering drug prices by passing it – without resorting to direct market intervention," Pompeo said.
Pompeo's comments echo growing concerns about the Biden administration's assault on free-market actors. He warned that the FTC's ideological pursuit of government intervention will inevitably lead to negative consequences for Americans.
Biden's Attack on PBMs: A Threat to Affordable Healthcare
"Congress should support free-market actors like PBMs and stand opposed to the Biden administration's socialist meddling," Pompeo concluded.
