In case you missed it, PCMA President and CEO JC Scott joined Prime Therapeutics’ webinar Beyond the Script: PBM Hot Topics in D.C. to discuss how pharmacy benefit companies innovate and deliver value for patients. The panel was moderated by Mostafa Kamal, president of Prime Therapeutics, and Scott was joined on the panel by David Root, Prime’s vice president of government affairs.

Scott highlighted how market forces are working to spark innovation among pharmacy benefit companies, with new technology and expertise that helps patients stay healthier and save money at the pharmacy counter. He described how the industry is evolving to meet even the most niche needs of employers:

“Employers and others are able to switch pharmacy benefit companies and move to different models, different contract options, different levels of data, and reporting and service. And it’s one of those things that I think is missing from the public policy debate… The market is addressing many of the evolutions that are being required.”

Root shared his experience in the pharmacy benefit market and how competition benefits American businesses by providing customized options that fit their unique situations:

“I’ve had the privilege over the last 17 years to work at three different PBM organizations, and they all have different business models, different value propositions… there are 73 PBMs out there that all have different approaches on how to deliver these benefits, and employers ultimately have choice. And it’s so critical for us to preserve that choice.”

Earlier in the day, during a U.S. House Committee on Education and the Workforce markup, Representative Eric Burlison (R-MO-07) also highlighted the value of pharmacy benefit companies and cautioned against the unintended consequences of misguided legislation targeting pharmacy benefits:

“There’s this belief that we can force a free market if we only regulate it, if we only pass enough laws, and that if we just pass this one more law, then we can start seeing costs come down… We hear that transparency is the answer – there’s nothing more transparent than the employer or the buyer knowing the full cost of the plan… I think that the more we do to eliminate the ability of the negotiating arm within health care on pharmaceuticals, it will only benefit Big Pharma.”

Pharmacy benefit companies lower prescription drug costs and provide employers with the flexibility they need to design the best prescription drug coverage for their unique needs. Lawmakers must protect pharmacy benefits that 275 million Americans rely on and reject policies that would increase the cost of prescription drugs and restrict employers’ choice.

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See what more lawmakers have had to say about pharmacy benefits securing savings for employers and patients, and the root cause of high prescription drug prices – Big Pharma’s anti-competitive tactics – HERE.

Read what lawmakers and pharmacy benefit companies had to say about the critical role pharmacy benefits play in making prescription drugs more affordable and accessible HERE.

See PCMA’s guide to understanding the role and value of pharmacy benefit companies HERE.  

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PCMA is the national association representing America’s pharmacy benefit companies. Pharmacy benefit companies are working every day to secure savings, enable better health outcomes, and support access to quality prescription drug coverage for more than 275 million patients. Learn more at www.pcmanet.org