Democratic and Republican lawmakers jointly criticize major pharmacy benefit managers (PBMs) for high prescription drug prices in the U.S. during an oversight committee hearing.

House Committee on Oversight and Accountability reports accuse PBMs of steering patients towards costlier drugs, favoring higher-cost medications, and creating formularies that prioritize pricier drugs over cheaper alternatives.

The top three PBMs in the U.S., including Express Scripts, UnitedHealth Group's OptumRx, and CVS Health's Caremark, manage around 80% of U.S. prescriptions, influencing drug coverage and costs significantly.

PBMs play a crucial role in handling prescription drug benefits for various entities like health insurance companies, large employers, and Medicare drug plans.

Concerns arise as the Federal Trade Commission (FTC) reveals that the six largest PBMs manage almost 95% of all U.S. prescriptions, raising worries about limited competition and potential conflicts of interest.

An ongoing U.S. House oversight panel hearing features executives from major PBMs, including UnitedHealth's OptumRx, Cigna's ExpressScripts, and CVS Health's Caremark.

Express Scripts and CVS Caremark defend their practices, attributing rising drug costs to manufacturers and highlighting efforts to pass rebates back to members.

A study suggests that Gilead Sciences' HIV treatment lenacapavir could be produced for $26 to $40 per person annually, potentially enhancing access in various countries.

Some PBMs are relocating operations overseas to avoid transparency and suggested regulatory changes, raising concerns about accountability.

FTC Chair Lina M. Khan highlights allegations that PBMs are overcharging patients for cancer drugs, resulting in over $1 billion in additional revenue.

Instances in the report reveal PBMs discouraging cheaper alternatives to expensive drugs like Humira, favoring higher-priced options despite cost differences.

Lawmakers express frustration with PBMs' lack of transparency and failure to address concerns during the hearing, leading to confusion and dissatisfaction among many.