(Washington, D.C.) — The Pharmaceutical Care Management Association’s (PCMA) podcast, The Pharmacy Benefit, today released a new episode, “The Importance of PBMs in Health Care Costs,” which highlights the important role pharmacy benefit managers, PBMs, play in lowering prescription drug costs amid the Federal Trade Commission’s (FTC) recent interest in conducting a PBM study.
The podcast episode, hosted by PCMA President and CEO JC Scott, features Ross Margulies, a partner with the law firm Foley Hoag. Mr. Margulies outlines the role that PBMs play in Medicare and PBM tools and technology that are working to lower drug costs for patients as well as improve their pharmacy experience.
Mr. Margulies provides insight into the FTC’s recent movement to initiate a study on PBMs.
“Once the FTC sees data produced by entities like the Government Accountability Office and the Congressional Budget Office…they’ll ultimately conclude that PBMs remain competitive and pro-consumer,” said Mr. Margulies.
In addition, Mr. Margulies points out that in previous instances when the FTC has examined PBMs, their findings have shown that the PBM industry is competitive and PBM tools lower costs for consumers. For example, the FTC conducted an extensive study that concluded PBM-owned mail-service pharmacies lower costs for plan sponsors and consumers.
Mr. Margulies also discusses the value preferred pharmacy networks provide to improve pharmacy quality and performance for patients.
“PBMs negotiate payment rates with pharmacies, and they can reward those pharmacies for better outcomes such as operating medication management programs and reducing the use of abused drugs,” said Mr. Margulies.
To listen to this full episode of The Pharmacy Benefit podcast, please click here.
PCMA is the national association representing America’s pharmacy benefit managers (PBMs). PBMs administer prescription drug plans for more than 266 million Americans who have health insurance from a variety of sponsors including: commercial health plans, self-insured employer plans, union plans, Medicare Part D plans, the Federal Employees Health Benefits Program (FEHBP), state government employee plans, Medicaid plans, and others.