PBMs, pharma companies avoid drug price transparency | STAT
PBMs, pharma companies avoid drug price transparency | STA Why Drug Prices Stay Secret: Who Benefits and Why Government Keeps Backing Down BLUF (Bottom Line Up Front) Pharmaceutical companies and pharmacy benefit managers (PBMs) spend record amounts—over $340 million in 2025 so far—to keep actual drug prices hidden from public view. This secrecy protects a complex rebate system worth $334 billion annually that benefits middlemen while patients often pay more than what insurers actually paid for drugs. Despite bipartisan public support for transparency, government officials repeatedly back down from enforcement due to intense industry lobbying, campaign contributions, and revolving-door relationships between regulators and the pharmaceutical industry. The Money Behind the Secrecy Record-Breaking Lobbying Spending The pharmaceutical and health products industry has become the single largest lobbying force in America, spending amounts that dwarf even the oil and gas industry: 2025...