In a recent development in the fight against rising healthcare costs, bipartisan lawmakers introduced a groundbreaking bill aimed at addressing the controversial business practices of drug supply chain middlemen. These middlemen, also known as pharmacy benefit managers (PBMs), have been under scrutiny for inflating prescription medication prices and creating barriers for patients and pharmacies.
At Extreme Investor Network, we understand the importance of staying informed about legislative actions that can impact the business landscape. The “Pharmacists Fight Back Act,” introduced by Reps. Jake Auchincloss and Diana Harshbarger, is set to revolutionize the way community pharmacies interact with federal health-care programs. This new bill not only aims to lower healthcare costs for patients but also grants them the freedom to choose their preferred pharmacy for prescriptions.
PBMs, such as UnitedHealth Group’s Optum Rx, CVS Health’s Caremark, and Cigna’s Express Scripts, have come under fire for their practices that allegedly contribute to the rising healthcare costs. The proposed bill adds to a series of bipartisan efforts on both federal and state levels to reform PBMs and increase transparency within the industry.
What sets this bill apart is its focus on empowering pharmacies and ensuring fair reimbursement practices. By centering around a pharmacy reimbursement model based on the national average drug acquisition cost (NADAC), the bill addresses the complexities surrounding pharmacy payments and aims to provide more clarity and fairness in pricing.
Furthermore, the bill mandates that PBMs share a significant portion of rebates with patients and prohibits certain practices that contribute to inflated drug prices. By putting an end to tactics such as steering patients to PBM-affiliated pharmacies and excluding independent pharmacies from filling prescriptions, the bill aims to create a more level playing field for all stakeholders in the drug supply chain.
At Extreme Investor Network, we believe in providing our readers with valuable insights and in-depth analysis of the latest trends in the business world. Stay connected with us for more updates on this crucial legislation and other pressing issues affecting the business landscape.