WASHINGTON, Dec. 22 -- Sen. Tim Kaine issued the following press release:
U.S. Senator Tim Kaine (D-VA), a member of the Senate Health, Education, Labor and Pensions (HELP) Committee, and colleagues introduced the bipartisan, bicameral PBM Fiduciary Accountability, Integrity, and Reform (FAIR) Act, legislation that would establish fiduciary responsibilities for pharmacy benefit managers (PBMs)-the middlemen of drug pricing-and require PBMs to act in the best interests of employees relying on employer-sponsored health plans, while keeping plan costs low.
"Pharmacy benefit managers should be held accountable for their role in raising costs of prescription drugs," said Kaine. "This bipartisan legislation is critical to ensuring that PBMs are...