Senator Chuck Grassley (R-Iowa) recently made waves claiming that pharmacy benefit managers (PBMs) are to blame for the volatility of insulin prices. It’s a bold statement, to be sure. But here’s the thing: the senator is absolutely right — and PolitiFact has confirmed as much.
On January 31, 2021, PolitiFact partnered with The Daily Iowan to release a fact-check on Grassley’s statement, ultimately providing the senator with its highest rating of “True” on the organization’s Truth-O-Meter™. “With their complicated discount negotiations,” PolitiFact concludes, PBMs play a role in driving upward the cost of insulin in America.
One fact that may surprise many is that the net price of insulin has been decreasing for years. But much to the dismay of those who depend on the drug to survive, those negotiated savings are rarely shared directly with patients — who see the list price of the drug climbing. As a result, patients with chronic conditions (like diabetes) are paying higher out-of-pocket costs. And unfortunately, PBMs’ business practices only exacerbate the situation. READ MORE