Misguided Policies will Raise Costs for Patients, Employers, and Unions
(Trenton, NJ) — The Pharmaceutical Care Management Association (PCMA) issued the following statement on the New Jersey Assembly’s hearing to examine the impact of PBMs on drug prices.
“Pharmacy benefit managers (PBMs) are working on behalf of New Jersey employers, labor unions, and patients in the fight against high drug costs. Today, PBMs cover 8.4 million New Jerseyans and save patients and employers $1,154 per person per year in the state. In fact, PBMs will save New Jersey patients and health plans $37.48 billion over ten years, including $3.25 billion in Medicaid alone over this time period.
“The primary mission of PBMs is to lower prescription drug costs and increase access to medications, allowing employers and health plans to design pharmacy benefits that meet the needs of their patient populations,” said Heather Cascone, Assistant Vice President, PCMA. “If the objective for New Jersey policymakers is to lower prescription drug costs, it is crucially important that they evaluate the entire prescription drug supply chain. Drug companies alone set and raise drug prices and often block competition from more affordable options. Make no mistake, PBMs support lowering the price of prescription drugs.”
“As policymakers in New Jersey consider proposals to intervene in the market, we urge them to understand the PBM industry is not waiting for government mandates to meet evolving market needs. Instead, PBMs are addressing challenges to affordability and access by rolling out new, innovative programs to help plan sponsors tackle high drug costs, allowing patients to access the drugs they need.
“PCMA looks forward to continuing to work with the Legislature to explore policy solutions that will actually lower prescription drug costs for patients, employers, and unions in the state.”
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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.
