States pushing hard on Pharmacy Benefit Managers

While congress and the Biden administration are focusing on the drug prices set by drug makers, the states are looking at the pharmacy benefit managers to lower drug prices. How? The pharmacy benefit managers or PBMs negotiate with manufacturers for lower drug prices on behalf of insurers and facility payment to the pharmacies that dispense the medicines. A growing number of states are looking to shed light on the PBMs secretive business practices and uncover just how much money they save patients. “There is certainly a lack of transparency when it comes to the magnitude of the dollars changing hands,” according to Juliette Cubanski, deputy director of the Medicare policy program at the Kaiser Family Foundation. Read the article here…

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