Today's Concierge Pharmacist Show was an engaging conversation with Howie Jacobsen, an advocate for pharmacists and the pharmacy profession. The topic focussed on the 'broken system' in place today with New York’s prescription drug distribution system as well as other states nationwide. As a result, it’s hurting millions of people every day, including patients, taxpayers and neighborhood pharmacists. There is a lot about this system that needs fixing, but the biggest culprit? Pharmacy Benefits Managers (PBMs).
WHAT ARE PBMS?
Prescription drugs are distributed through a complex system. At its center is a shadowy group of powerful middlemen who wield tremendous influence over everything from what you pay for medication to what your doctor is allowed to prescribe you. PBMs negotiate drug prices with manufacturers and control what drugs are covered by insurance plans. Manufacturers need their drugs covered, giving PBMs tremendous leverage and creating a pay-to-play system that forces manufacturers to pay off PBMs to have their drugs covered. Manufacturers do this by offering rebates to PBMs, which the PBMs are able to pocket, because they don't have to disclose those rebates.
This is a conversation you do not want to miss as it impacts every pharmacist and store owner of a pharmacy and needs to be fixed.
