Lawmaker exposes pharmacy benefits abuses

From the article:

The PBM industry, now dominated by Express Scripts, has proven its ability to drive independent pharmacists out of business, increase employer costs on prescription benefits, and force patients into mail-order programs, all while producing record profits for themselves.

Meanwhile, several recent stories have highlighted employers who discovered that large PBMs like Express Scripts have quietly been driving up their benefits costs, hidden under the lack of transparency typical in PBM contracts. After one year with Express Scripts, for example, Meridian Health Systems, Inc. saw its prescription benefits costs for employees rise by $1.3 million. The City of Houston also recently announced that they were overcharged by $3.7 million by Cigna for their employee pharmacy benefits

Express Scripts annual 1.85 BILLION in net profits do not magically appear out of thin air…

4 Responses

  1. It is time for employers to realize how these PBM’s are ‘stealing’ their money. The PBM’s are not there to ‘save’ the employer money. They are there to make money for themselves. And, Steve, as you say, Express Scripts does not magically make 1.85 BILLION annually.

  2. thanks. that was my impression as well. the lack of real info about who they are seemed a bit suspect to me.

  3. I looked at this website and my impression is that this website has the “finger prints” all over it of the PCMA – Pharmaceutical Care Management Assoc – which is basically your PBM’s, Mail order Pharmacies and Insurance companies.
    Their video on the site is laughable.. small town USA.. every small business person in town needs to make a profit.. but.. the local indy pharmacist is chastised for making > 100 K/yr.. Imagine that.. a indy pharmacy making a net profit – before taxes – of ~ 2% of gross revenue.. a average of < $1.00/Rx filled and having an investment of 500 K - 1 million in his/her store. They are talking about restrictive pharmacy distribution networks.. as if that is going to save pts money and that is what pts want.. IMO.. it like a piece of cheese on a mouse trap.. you take the bait.. your day is not going to end well...

  4. an interesting, promoted tweet showed up in my timeline today from have you heard of them?

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