Transparency-Rx

The Big 3 #PBMs continue to abuse their market domination. More than 300 pharmacies have closed in the last 3 months, getting squeezed out of the market because of anticompetitive & unfair practices. Closures leave the most vulnerable patients stranded in pharmacy deserts. “Given these high stakes, it is critical that Congress stand up to these health care monopolist middlemen and pass structural PBM reforms that will save their constituents’ time, money, and lives," said Emma Freer, Senior Health Care Policy Analyst with the American Economic Liberties Project. #Healthcare https://lnkd.in/eVsgeGuv

A new lawsuit accuses JPMorgan Chase of failing its employees by agreeing to prescription drug overcharges by their PBM, CVS Caremark. Families allegedly paid on average over 200 times the cost of generic medications. Traditional PBMs put employers in danger of violating federal laws by keeping them in the dark when making healthcare decisions for their workers. Transparent #PBMs protect companies by ensuring federal compliance and giving employers the tools to reduce costs and enhance care. #Healthcare https://lnkd.in/egHvdyKF

#Congress is continuing its efforts to finally reign in traditional #PBMs! New bipartisan legislation seeks to delink PBM profits from the list price of a medication in the commercial insurance market, removing the incentive to steer patients towards more expensive treatments. "This broken system disproportionately harms low-income individuals, seniors, and those with chronic illnesses who rely on life-saving prescriptions to manage their health," said Rep. Nannette Barragán. https://lnkd.in/eM7jibkw

New bipartisan bill wants to tackle spread pricing in #Medicaid! This is where traditional #PBMs charge health plans more money than what they pay the pharmacies for medication. PBMs then pocket the difference, boosting profits while patients face higher prices & pharmacies are unable to cover costs. “Time and time again, PBMs have been caught using tactics like spread pricing to take advantage of the system, lining their pockets while harming patients and the taxpayers they are supposed to serve,” said NCPA CEO B. Douglas Hoey. https://lnkd.in/e-_sfwwy

“Every day, Americans are living with the acceleration of prescription drug price inflation and the closing of trusted and convenient pharmacies. At the hands of the PBM middlemen, nearly four pharmacies are closing each day – at an increasing rate. Americans have missed out on hundreds of millions of dollars of savings just since the last Congress ended." NACDS is calling on Congress to deliver #PBMReform to Americans. Without immediate action, traditional PBMs will continue to operate without transparency, price gouge patients, and driving up costs for employers. #Healthcare https://lnkd.in/een4Mu7V

“Every day in my pharmacy, I witness patients facing exorbitant co-pays, sometimes exceeding $500 for medications they cannot afford. These patients are confused, they’re overwhelmed and they’re forced into impossible decisions about their health," said Larry Crowley, a Wisconsin pharmacist. Traditional PBMs take away patient choice. Wisconsin hopes to target those predatory practices. A new bill would require PBMs to allow patients to choose any pharmacy in the state without penalty. It would also take steps to stop PBMs from discriminating against independent pharmacies and offering them lower reimbursement rates. #PBMReform #Healthcare https://lnkd.in/eVBryX_a

“What does utopia look like? If you were to solve all the problems, it would be to lower prescription drug costs for the patient, right? So, the prescriptions cost less; they can afford it. Increase transparency—that's what we want," Dr. Sucharu Chris Prakash, president of the Texas Society of Clinical Oncology. Traditional #PBMs are allowed to prioritize profits over patients. It's time to close those loopholes and to make sure PBMs are following existing regulations. Legislative action is needed to ensure transparency and fairness in the #healthcare system. https://lnkd.in/eyWZfXFN

#Congress has another chance to pass #PBM reform. The bipartisan health deal from last December has been reintroduced. This would ban spread pricing, delink PBM revenues from the list price of medications & require transparency. The legislation would be an important step in holding traditional PBMs accountable, lowering prescription prices & giving patients more choices. https://lnkd.in/eHhup4QM

The Big 3 PBMs are now turning to an appeals court in their effort to block the #FTC lawsuit. The agency accused the traditional drug middlemen of artificially inflating the price of insulin in order to collect larger rebates. These PBMs control how Americans access medications, driving up healthcare costs for patients, employers & taxpayers. The lawsuit is an important step in holding them accountable. #PBMReform #Healthcare https://lnkd.in/e4PWchVT

#PBM transparency is critical for lowering medication prices & restoring trust, but #Florida's latest information request puts patient privacy at risk. Government regulators often ask for slices of data, but as Transparency-Rx's President , Joe Shields, told the New York Times, by comparison this was pretty expansive and unprecedented. This level of personal information is not needed for oversight of PBMs, and the request could violate the law. Concerns are growing over how this information will be used and the security risk it poses for millions of residents. #Healthcare https://lnkd.in/ezaQYxdz