NACDS: "The Congress and states need no further validation for
their bipartisan work to immediately confront pharmaceutical
benefit manipulation that is devastating Americans, communities,
and pharmacies of all sizes."
ARLINGTON, Va., July 9, 2024
/PRNewswire-PRWeb/ -- National Association of Chain Drug
Stores President and CEO Steven C. Anderson issued the
following statement after the Federal Trade Commission's (FTC)
release today of an interim staff report on the
harmful tactics of pharmacy benefit managers (PBM) -
the pharmaceutical middlemen:
"These harms are experienced brutally by
pharmacies of diverse sizes and formats, including independents and
chains, that do not receive preferential treatment from their
vertically integrated plans and PBMs."
"The FTC's initial findings in its study of PBM tactics provide
further evidence of the dire need for action at the federal and
state levels. According to the FTC, 'the report finds that PBMs
wield enormous power over patients' ability to access and afford
their prescription drugs, allowing PBMs to significantly influence
what drugs are available and at what price.' The FTC also describes
PBM tactics as 'imposing unfair, arbitrary, and harmful contractual
terms' on pharmacies' with devastating effects on pharmacies and on
communities.
"NACDS emphasizes that these harms are experienced brutally by
pharmacies of diverse sizes and formats, including independents and
chains, that do not receive preferential treatment from their
vertically integrated plans and PBMs. In fact, the interim report
released today discusses extensively the effects of
'self-preferencing' and 'unfair contract terms' – whereby
'vertically integrated PBMs appear to have the ability and
incentive to prefer their own affiliated businesses, creating
conflicts of interest that can disadvantage unaffiliated pharmacies
and increase prescription drug costs.' Make no mistake, smaller and
larger pharmacies unaffiliated with plans and PBMs are harmed – and
these harmed pharmacies include unaffiliated chains.
"This report is yet another example of the momentum for reform
that has reached critical mass among government leaders across
political ideologies, healthcare providers, patients, employers,
and the media. The Congress and states need no further validation
for their bipartisan work to immediately confront pharmaceutical
benefit manipulation that is devastating Americans, communities,
and pharmacies of all sizes.
"For more than two years, the FTC has been studying PBM tactics,
and NACDS has contributed insights to this important work.
Unfortunately, this study also exemplifies the PBMs' focus on
delaying reforms. As the FTC said today, 'the report notes that
several of the PBMs that were issued orders have not been
forthcoming and timely in their responses, and they still have not
completed their required submissions, which has hindered the
Commission's ability to perform its statutory mission.'
"In January 2024, NACDS praised
U.S. Senators Chuck Grassley (R-IA)
and Maria Cantwell (D-WA) for
leading a bipartisan letter to the Commission saying that the PBMs
were stonewalling the investigation and ultimately harming
Americans. We encourage the FTC and the Congress to keep pressing.
The issue of PBM reform indeed has strong bipartisan support, which
is supported by the fact that the House Oversight and
Accountability Committee also is engaged in a vigorous
investigation.
"It is now time for the U.S. Congress to move forward and enact
the broad and bipartisan consensus reforms that are ready to go.
These reforms would do much to confront devastating PBM tactics in
Medicare, Medicaid, and the commercial markets – including the
establishment of enforcement, oversight, and accountability. PBM
reform is must-pass legislation in the 118th Congress.
"For patients and for the pharmacies on which they rely, all
branches of government at the federal and state levels must act to
bring about comprehensive PBM reform, and do so without delay."
READ THE FTC PRESS RELEASE
READ THE FTC INTERIM REPORT
VIEW NACDS' LATEST PBM REFORM AD: "TIME IS NOW"
NACDS ACCESS AGENDA: "PBM" REFORM AND DEFENDING PATIENT ACCESS
Media Contact
Kathleen Bashur, NACDS,
703-837-4367, kbashur@nacds.org, https://www.nacds.org/
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content:https://www.prweb.com/releases/nacds-initial-findings-of-ftcs-pbm-study-demand-action-302192388.html
SOURCE NACDS