Le Lézard
Classified in: Health
Subjects: NPT, AVO

PCMA Outlines How PBMs Reduce Prescription Drug Costs Before the Senate HELP Committee


WASHINGTON, Oct. 17, 2017 /PRNewswire-USNewswire/ -- Testifying today before the U.S. Senate Committee on Health, Education, Labor & Pensions (HELP), Pharmaceutical Care Management Association (PCMA) President and CEO Mark Merritt outlined how pharmacy benefit managers (PBMs) reduce prescription drug costs for consumers, employers, unions, and government programs.

PBMs typically reduce prescription drug costs by 30% by using their substantial scale and expertise to promote generics and negotiate aggressive rebates, discounts, and other price concessions with drug manufacturers to reduce premiums and cost-sharing. As a result, PBMs have played a key role in restraining the rise of overall drug costs to low single-digit increases over the past few years.

"Drugmakers set and raise prices regardless of rebates they negotiate with PBMs.  In fact, many high-priced drugs like Sovaldi, which initially cost $84,000, involved no rebates until other competitors came to market," said PCMA President and CEO Mark Merritt. "Prescription drug prices and price increases are determined by the same supply-and-demand dynamics of countless other industries that manufacture products and use supply chains to get them to market."

PCMA supports policies to lower drug costs through increased competition. The common-sense policy proposals outlined below are designed to help increase competition:

Read PCMA's testimony here

PCMA is the national association representing America's pharmacy benefit managers (PBMs). PBMs administer prescription drug plans for more than 266 million Americans who have health insurance from a variety of sponsors including: commercial health plans, self-insured employer plans, union plans, Medicare Part D plans, the Federal Employees Health Benefits Program (FEHBP), state government employee plans, Medicaid plans, and others.

 

SOURCE Pharmaceutical Care Management Association


These press releases may also interest you

at 00:25
Shanghai Junshi Biosciences Co., Ltd ("Junshi Biosciences," HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, announced its financial...

28 mar 2024
The report titled "Central Lab Market by Service Type (Anatomic Pathology/Histology, Biomarker Services, Genetic Services), Phase (Phase 1, Phase 2, Phase 3), Therapeutic Area, End-use - Global Forecast 2024-2030" is now available on...

28 mar 2024
The report titled "Personalized Nutrition Market by Measurement Type (Active Measurement, Standard Measurement), Application (Indication-based, Standard Supplements), Distribution Channel, End-Use - Global Forecast 2024-2030" is now available on...

28 mar 2024
The report titled "Carbon Dioxide Incubator Market by Product (Air Jacketed CO2 Incubators, Direct Heat CO2 Incubators, Water Jacketed CO2 Incubators), Capacity (100-200 Litre, Above 200 Litre, Below 100 Litre), Application, End User - Global...

28 mar 2024
The "Global Clinical In Vitro Diagnostic Medical Laboratory Services Market: Strategy & Trends with Volume & Price Forecasts by Chemistry, Hematology, Microbiology, Pathology, Covid-19, and Molecular Dx by Country. Updated with Impact of COVID-19"...

28 mar 2024
The "Molecular Diagnostics at the Point of Care. By Application, Technology, Place, Product and by Country. With Executive Guides and Customization 2023 - 2027 " report has been added to  ResearchAndMarkets.com's offering. Infectious disease Dx is...



News published on and distributed by: