[Congressional Record Volume 171, Number 132 (Thursday, July 31, 2025)]
[Senate]
[Pages S4955-S4956]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                        Prescription Drug Costs

  Mr. GRASSLEY. Mr. President, throughout my annual 99-county tour of 
Iowa, I have learned firsthand from patients and pharmacists about the 
powerful and negative role that pharmacy benefit managers play in our 
prescription drug supply chain.
  I led a 2-year investigation into insulin price-gouging that showed 
PBMs encouraged drugmakers to spike the drug's list price in order to 
offer greater rebates. This secured manufacturers' priority placement 
on covered meds--all at the expense of patients.
  I have pressed the Federal Trade Commission, the FTC, to study PBMs. 
The FTC's two interim staff reports are very helpful, but I am eager to 
get the FTC's full study.
  In April, I held a Judiciary Committee markup that advanced to the 
Senate floor my Prescription Pricing for the People Act. The bill will 
hold the FTC accountable for producing their PBM study in a timely 
manner. A timely report on PBMs is critical, but we can stop some anti-
competitive PBM behavior today. Arbitrary clawbacks and spread pricing 
are documented tactics PBMs deploy to fill their pockets at the expense 
of patients and pharmacies. This must stop.
  Senator Cantwell and I worked on the PBM Transparency Act through the 
Commerce Committee to direct the FTC to stop deceptive and unfair 
pricing schemes by PBMs and require more transparency.
  I have also worked on and supported the Finance Committee's PBM 
legislation from the last Congress. Iowans are fed up with the 
skyrocketing costs of prescription drugs and reduced access. Americans 
are fed up. They are eager for Congress to act to put a stop to shady 
PBM practices. I look forward to making this happen and passing PBM 
reforms.
  We have had about three different approaches to PBM reform, probably 
cosponsored by 65 to 70 Senators in the U.S. Senate. I know that 
Senator Cassidy of Louisiana is working real hard to bring together one 
piece of legislation out of these three. I want to encourage him--I 
have encouraged him--and I said that I would work with him to help 
accomplish this. And I thank Senator Cassidy for his leadership in this 
area, and he is chairman of one of the important committees working on 
PBM legislation.
  I yield the floor.
  I suggest the absence of a quorum.

[[Page S4956]]

  The PRESIDING OFFICER. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. THUNE. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.