Express Scripts Confirms It's Working With Sen. Wyden's Bill

Express Scripts Holding Company ESRX saw its stock lose nearly 2 percent Wednesday after Sen. Ron Wyden proposed a legislation which would require drug middlemen, like Express Scripts, from disclosing otherwise secret discounts they receive from drug manufacturers.

According to a Bloomberg report, Wyden's legislation will make it required for drug middlemen to disclose secret discounts as part of a push to bring greater transparency to overall healthcare sector and may be a natural extension of the ongoing drug pricing debate.

The new law would require the pharmacy benefit managers to post any discounts they receive on a government website. But the Bloomberg report suggested the proposal may not pass the Republican-dominated congress.

"It is time to lift the veil of secrecy on a powerful industry," Bloomberg quoted Wyden as saying on a conference call with reporters. "Today the public knows virtually nothing about whether pharmaceutical benefit managers are saving money for consumers or pocketing it for themselves."

Express Scripts told Benzinga in an e-mail the company is working with Wyden and he has made some changes to the bill because he "understands the harm that can occur if inappropriate information is disclosed to allow pharma and pharmacies to price fix."

The company added in its statement, "We understand that Senator Wyden doesn't want this proposal to frustrate value based programs, like our SafeguardRx solutions, which help to drive down costs, improve access, and deliver quality care."

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