Letter to the editor: SB 966 veto dissolves vital oversight of PBMs

As a practicing rheumatologist, I was pleased by the legislative push to pass SB 966, which would have increased oversight and reporting requirements for Pharmacy Benefit Managers (PBMs), the drug pricing ‘middlemen’ who drive up prescription costs for pharmacies and patients while pocketing rebates and discounts from insurers. Many patients statewide—particularly the rheumatology patients I care for—require long-term, expensive treatments to manage their chronic conditions. PBMs have steadily driven up their costs through unfair rebating practices and market control tactics. I applaud our lawmakers for working to address medication access barriers and patient financial protections through the advancement of SB 966, but I am very disappointed in Gov. Newsom’s decision to veto this much-needed bill.

With strong legislative, physician, and patient support and growing calls for increased regulation and transparency of PBM practices, I was dismayed by Governor Newsom’s veto of SB 966. Rising costs of prescriptions and lack of protection against PBMs may result in rheumatology patients forgoing essential treatments simply because they cannot afford them. Patients deserve a system that prioritizes patient care and access over PBM profits. SB 966 would have been a crucial step in that direction.

I call on California lawmakers and Governor Newsom to continue prioritizing the health of patients and the affordability of much-needed prescription drugs while holding PBMs accountable for their exploitative pricing practices.

Matthew Baker MD is a practicing rheumatologist in Palo Alto, CA.