Forbes August 4, 2024
Pharmacy benefit managers have been under nearly constant pressure at the federal level for years by a host of entities, including the executive branch, Congress, the Federal Trade Commission and the media, for their alleged role in raising patient out-of-pocket costs and squeezing independent pharmacies. But thus far the intense scrutiny and ensuing debate haven’t led to much tangible action to restrain PBMs. Without enactment of legislation or legal enforcement, comprehensive PBM reform is still mostly a concept, not a reality.
To most lay people, the acronym PBM means nothing. But PBMs serve as key intermediaries at the center of the complex and often opaque U.S. pharmaceutical distribution chain. Most Americans’ prescription drug benefit—the portion of their insurance that involves...
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