(16 Jun) Ohio pharmacies can’t keep filling prescriptions at a loss
A pharmacy manager retrieves a bottle of antibiotics. (Photo by Joe Raedle/Getty Images)As a pharmac...
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#commentary #ohio-pharmacies #ohio-pharmacies-walgreens #pbms #walgreens
Big Pharma's Price Secret - All-In Pod
"The American Economic Liberties Project today released new research showing that at least 326 U.S. pharmacies have closed since Dec. 19, 2024, when Congress abandoned bipartisan, bicameral PBM reforms as part of a stopgap spending bill. The new data comes ahead of a vote in Congress tomorrow on a continuing resolution to fund the government, where the policymakers could include much-needed structural PBM reform.
“Despite later admitting that he does not know what a pharmacy benefit manager (PBM) is, Elon Musk successfully tanked PBM reforms with nearly unanimous House support late last year,” said Emma Freer, Senior Policy Analyst for Healthcare at the Economic Liberties Project. “As predicted, without Congressional intervention, the Big Three PBMs have continued to abuse their market power, squeezing at least 326 pharmacies – 237 of them independent – out of business in fewer than 10 weeks and stranding their most vulnerable patients in pharmacy deserts without access to lifesaving care. Given these high stakes, it is critical that Congress stand up to these healthcare monopolist middlemen and pass structural PBM reforms that will save their constituents’ time, money, and lives.”
#USA Musk #DOGE #PBMs #BigPharma #Healthcare #Oligopolies #Competition #Antitrust
As prescription drug prices continue to increase and federal efforts to control them stall,
state lawmakers are focusing on #PBMs, the middlemen which help insurers decide which drugs their plans cover and how much patients will pay out-of-pocket to get them.
However, they have been stymied by the drug industry’s secretive ecosystem of rebates, reimbursements, and obscure fees, thwarting efforts to lower drug costs.
In addition to California, PBM reforms have been introduced this legislative session in Arkansas, Iowa, and at least 20 other states as of Feb. 10.
Athough Trump has criticized PBMs and vowed to “knock out the middleman,”
his recent actions undoing moves to lower prescription drug prices have left some health care experts skeptical that meaningful reform will come from Washington, D.C.
https://kffhealthnews.org/news/article/california-legislation-pharmacy-benefit-managers-pbms-middlemen-newsom/?dml-collection=88e63b63ff2ef939bbb98206afb0eea1&utm_source=distributedmedialab&utm_medium=referral&noamp=mobile
PBMs made billions marking up specialty drugs by more than 1,000 percent: FTC
https://thehill.com/policy/healthcare/5085119-ftc-report-pharmacy-benefit-managers/
#pbm #pbms #PBMreform #cigna #unitedhealth #prescriptions #pharmacybenefitmanagers #cvs #caremark #ushealthcarecosts #ushealthcare #healthinsurance
Hospitals and #PBMs Hijack Discount Drug Program – National Consumers League
#340b #Healthcare
https://nclnet.org/hospitals-and-pbms-hijack-discount-drug-program/
PROFITS OVER HEALTH: For years, PBMs, took secret payments from opioid makers, like Purdue Pharma, in return for not restricting the flow of opioids.
"As tens of thousands of Americans overdosed and died from prescription painkillers, the middlemen collected billions of dollars in payments."👇
@nytimes Gift: https://www.nytimes.com/2024/12/17/business/pharmacy-benefit-managers-opioids.html?unlocked_article_code=1.iE4.rBHr.c_H2TpNJgQ6d&smid=url-share #addiction #PBMs #press
#Warren, #Hawley join forces for #USSenate bill to force health #insurers to sell off #pharmacies, #PBMs
#healthcare #healthinsurance #insurancereform #PBM #affordablehealthcare #corporategreed
"The complaint argues that the #FTC’s process violates the companies’ due process rights under the #FifthAmendment." #CryMeARiver #PBMs #monopolies https://buff.ly/4i1hYhZ
#FTC Sues #PBMs for Jacking Up Insulin $
"3 largest pharmacy benefit managers (PBMs)— #middlemen [aka #parasites] tt sit btw #patients, drug cos, & pharmacies in #prescriptiondrug trxns—for practices tt hv spiked the cost of #insulin by over 1200% over the past 2 decades.. PBMs use formularies to provide exclusive or near-excl use of certain types of insulins.. PBMs aren't preferring lowest-price insulins, but ones tt give them highest #rebates, which is how they #profit"
https://prospect.org/health/2024-09-20-ftc-sues-pbms-jacking-up-insulin-prices/
What are PBMs? Read this and see how else the medical "industry" is ripping you off. Resist the Shield of Boringness and My Eyes Glaze Over (MEGO)
i heard this on the news and yelled YES FINALLY!!! this is such a big deal . #PBMs take so much money out of our pockets and make insane profits. it is the worst part of our health care system.
https://www.nytimes.com/2024/09/20/health/ftc-drug-price-inflation-insulin.html?unlocked_article_code=1.MU4.WNfi.kX8-GJkvVLSW&smid=url-share
In an election year when both presidential candidates are tapping into anger about #DrugPrices, both #ObesityDrug makers and #PBMs are feeling INTENSE heat.
https://conscienhealth.org/2024/09/obesity-drug-makers-and-pbms-feel-the-heat-of-pricing-scrutiny/
Today in #Employer Coverage: What employers should know about recent news coverage of #PBMs
https://open.substack.com/pub/employercoverage/p/what-employers-should-know-about-092
manufacturers charge.”
“Policymakers must act to prevent PBMs from engaging in these wasteful and harmful business practices.”
We need more accountability and transparency around PBMs and legislation that prevents spread pricing, limits PBMs’ income to flat-rate service fees, etc. Enough of deceitful practices & ripping us all off! https://tinyurl.com/3y7xnjhb #medicine #pbms #press
US government appeals Gilead's trial win in Truvada, Descovy patent fight—Lilly’s Mounjaro helps patients lose more weight than Novo’s Ozempic — FTC report finds PBM power has “dire consequences” —http://bit.ly/w28kSd #gileadsciences #patents #elililly #mounjaro #ozempic #novonordisk #ftc #pbms #pharma #pharmanews #biotech #biopharma #biotechnology #cafepharma
An amazing story from STAT's Bob Herman showing how #PBMs protect their profits even when cheaper #generics or #biosimilars reach the market.
As #Humira biosimilars take over the market, $CVS has created a new ploy: the drug ‘rebate credit’ #rebatecredit
https://www.statnews.com/2024/03/18/humira-pbms-cvs-caremark-rebate-credits/
Big Pharma spends billions more on executives and stockholders than on R&D
https://arstechnica.com/science/2024/02/big-pharma-spends-billions-more-on-executives-and-stockholders-than-on-rd/ #BigPharma #pricegouging #greed #compensation #dividends #stockbuyouts #PBMs
Read Bob's @STAT investigation from last year, which was quoted in the suit.
PBMs are paying consultants to refer business to them, which is a conflict of interest that may cost employers who use a consultant to get the the "best" deal on pharmacy benefits:
https://www.statnews.com/2023/06/20/pbms-consulting-firms-investigation/
#health #healthcare #medicine #pharma #pbms #bigpharma #drugpricing #healthpolicy #consulting
#FromTheArchives An email to Purdue's CEO from a McKinsey partner emphasizes “who we know and what we know” and highlights their work with #PBMs, the #FDA and other "stakeholders that matter for Purdue." https://www.industrydocuments.ucsf.edu/opioids/docs/#id=jxhk0255
