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Our political leaders across the country are seeing the serious problems pharmacy benefit managers are creating for patients. I applaud the efforts of our Attorney General Dave Yost, who has sued several PBMs over their shady business practices, calling them "modern gangsters."
Our lawmakers both here in Ohio and in Congress need to keep up these efforts and pass sweeping legislative reforms.
Pharmacy benefit managers are insurance middlemen working with drug companies to negotiate rebate deals on a majority of medications. These deals then help lower the out-of-pocket costs a patient may have when picking up their medication. While on paper that sounds helpful, but in practice, because of little government oversight -- PBMs actually keep these rebate deals for themselves, increasing their own profits.
Meanwhile, patients are still saddled with additional out-of-pocket expenses for the medications they need.
Pharmacy benefit managers must put the needs of patients and the customers they serve before their own. I hope our elected leaders in Washington, DC make PBMs a priority this year and ensure these rebates are actually passed along.
Marie Gerber
Stockport