A Senate Commerce subcommittee convened a hearing Thursday (May 5) to debate the role pharmacy benefit managers play in rising prescription drug costs and what policies are needed to boost the transparency and regulation of PBM operations. Both drug makers and PBMs have been the target of hearings on drug prices, and on Thursday it was the PBMs’ turn again. Although the tone of the hearing was anti-PBM, the policy focus was transparency, which is merely a step toward regulation...