The harmful and anti-competitive business practices that PBMs thrive on are made possible by the industry’s secrecy and lack of transparency. Plan sponsors and beneficiaries should be given more information about how their insurance plans are managed and what rates are negotiated. Pharmacies should be allowed, and even encouraged, to point customers to lower-cost alternatives outside of PBM plans. And government audits should be conducted to measure the extent to which PBMs are sharing their additional revenues with beneficiaries.
It’s time to shine a light on an industry that has operated in darkness, to the detriment of millions of Americans, for far too long.
This article can be read in full at Inside Sources