Tony Sheridan is President & CEO of the Chamber of Commerce of Eastern Connecticut. Writing in a Viewpoints column in the CT Mirror, he says:
PBMs are the middlemen hired by insurance companies to negotiate prices for prescription drugs with pharmaceutical manufacturers and pharmacies. Long criticized by health economists, the six largest PBMs are now the target of a Federal Trade Commission investigation launched in June.
The stated goal of PBMs is to create cost savings, but the reality is far different. Instead, they find ways to drive smaller pharmacies out of business and put costs back on patients while raking in billions of dollars in profit. PBMs are known for cashing in on almost every facet of the pharmaceutical supply chain, and their power has grown as mergers and acquisitions consolidate the industry …