PBM Steals Money From Taxpayers – Guest Post
While I’m not routinely working in community pharmacy nowadays, the impact and reach that a pharmacist in this role can have is immeasurable. I have great respect for those that are currently working in a pharmacy. I have crazy respect for those that actually own an independent pharmacy. It isn’t for me, but some of the problems that I have heard reported from pharmacists regarding PBM’s are downright scary. This impacts all of us and all of my patients. I came across this article “PBM Steals Money From Taxpayers” on Linked In written by Pharmacist Michael Corbin and couldn’t resist sharing it with my audience here. It’s perplexing that we allow this to happen. I appreciate Michael allowing me to share this brief situation he encountered.
PBM Steals Money From Taxpayers
I’m writing this at the request of just ONE of my patients. She needs Rivastigmine patches, her doctor authorized the use of the generic, the patient wants the generic but the PBM requires the use of the BRAND. The brand cost the pharmacy $622.90, the generic cost the pharmacy $145.00
As you can see there would be a large savings for the patient and Medicare (aka Taxpayer) but because the PBM is receiving a large Rebate (normal people call it a kickback, but that is illegal, so PBM’s call it a rebate) this patient and Taxpayers spend Hundreds of Dollars every year for this one drug, just for her. Tens of Thousands of patients need this medication, most are on Medicare. This adds up quickly to Millions of Dollars spends on this one drug alone.
To be clear this is a common practice in the PBM industry. The questions are all Why’s?
- Why does the Government let PBM’s do this?
- Why does HHS let PBM’s do this?
- Why does the Attorney General in each state let PBM’s do this?
- Why does the US Attorney General let PBM’s do this?
- Why does every Senator and Congressman, Congresswoman let PBM’s do this?
Authored by Pharmacist Michael Corbin
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