Millions of Americans depend on insulin. And due to price hikes, over 1 million of them have had to ration the drug.
That's an outrage. Fortunately, we're beginning to understand the root causes of these increases -- and lawmakers in Washington are investigating the problem.
The Senate's Health, Education, Labor, and Pensions Committee recently held a hearing on rising insulin costs -- and focused on the cost-inflating role of pharmacy benefit managers. PBMs serve as the intermediary between employers and insurance plans that pay for drugs and biotech companies that manufacture them. PBMs determine which drugs insurers cover -- and use this leverage to negotiate discounts from drug companies.
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