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A Senate panel advanced four bills aimed at reforming pharmacy benefit manager practices and improving generic drug competition, one day after the senators heard input from major PBM and pharma executives.

Insulin and pharmacy benefit management company executives testified before the Senate Health, Education, Labor and Pensions Committee this week in Washington in preparation for a vote on PBM legislation.

With 10%-15% of health care costs spent on prescription drugs, it's important to understand the real cost impact of rebates.

At the committee level, there is a lot of bipartisan activity for health care reform for 2023 that includes PBM reforms and insulin caps in the commercial market, as well as regulatory guidance on the new retirement bill SECURE 2.0.

That question was debated at a Senate Finance Committee, and there was a bipartisan consensus to make the drug dispensing process fairer so that people aren't "mugged at the pharmacy counter," as one Senator put it.

Just days after the other two drugmakers dropped their prices, Sanofi is capping the cost of its most prescribed insulin at $35 for the privately insured, as a price gouging lawsuit against all three drugmakers gets underway.

Under mounting pressure, Novo Nordisk plans to cut list prices for insulin products by up to 75%, now the latest drugmaker to take such a step following a California lawsuit accusing drugmakers of driving up costs.

Eli Lilly's announcement that it is capping the cost of insulin at $35 a month also casts light on pharmacy benefit managers at a time when Congress has shifted its focus on them.