Everything you need to know about why pharmacy benefit managers are bad for your health, wallet, and tax bill
PBMs are the single biggest influence on the soaring price of prescription drugs.
PBMs would have consumers, employers and taxpayers believe that transparency is bad for the market – that it will drive prescription up drug costs if certain "trade secrets" were revealed.
PBMs claim to save their clients money at the prescription counter, but in fact, they are one of the biggest reasons why prescription medication prices are escalating.
PUTT is working to educate consumers, taxpayers, and lawmakers about deceitful practices employed by PBMs - practices that drive up prescription costs, tie the hands of pharmacists, and have the potential to harm patients.
PUTT is calling out PBMs, and asking American consumers, taxpayers, and lawmakers to stand with us to demand stronger laws and regulatory oversight over these invisible, unregulated middlemen and to stop PBM abuse and manipulation of the prescription drug system for their own profiteering.
"The lack of enforcement, regulation, and competition has created a witches brew in which PBMs reign free to engage in anticompetitive, deceptive and fraudulent conduct that harms consumers, employers and unions, and pharmacists."
David Balto, former Policy Director, FTC
Understanding why PBMs are Bad for your health (and health plan!) can be confusing.
Most Americans only know PBMs as the logo on their prescription drug plan card. While there are many PBMs, most prescription plans are managed by only 3 companies: CVS Caremark, Express Scripts, and OptumRx. PBMs look and act like insurance companies for prescription drugs, but are in fact unregulated middlemen between patients, pharmacies, and drugmakers.