90% of the Rx dollar is retained by drug manufacturers and pharmacies.
According to University of Chicago economics professor Casey Mulligan, pharmacy benefit companies provide many services to participants across the healthcare system. The value to society of all of these services is a whopping $145 billion. Every. Single. Year. What would happen to
Pharmacy benefit companies play an important and unique role in the drug supply and payment chain. Employers, labor unions, health plans, government agencies, drug companies, pharmacies, and most importantly patients all benefit from pharmacy benefit company services.
Bank of America (BofA) recently released the findings of an employer survey that found that the pharmacy benefit marketplace is highly competitive, confirmed that surveyed employers believe their pharmacy benefit company is transparent to them, and underscored the savings, flexibility,
The Pharmaceutical Care Management Association, which represents pharmacy benefit managers, said commercial insulin copays currently average $23.
Given this growing challenge, pharmacy benefit managers (PBMs) have never been more essential. For both public programs and private insurance, PBMs are actively engaged in keeping prescription drug costs down and making medications more affordable for individual patients.
The drug giants moved in near-perfect synchronicity, raising prices for their top-selling arthritis treatments as though they were opposite-corner gas stations bumping up the price of unleaded.
FDA Commissioner Scott Gottlieb calls “patent thickets,” claiming multiple patents for a single drug to build protection from competitors.
“The administration understands … PBMs are part of the solution,” Merritt said.
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