Cut the Middleman (PBM) & Save Money for Taxpayer
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Pharmacy Benefit Managers (PBM's) are entities that manage the drug program for Insurance companies including State of Maryland Medicaid Drug Program, State employee program & local government programs - OUR TAX PAYER DOLLARS.
These PBM's promise to lower cost of drugs for insurance companies & Medicaid, state health programs by negotiating with Pharmacies and drug manufacturers to reduce prices and pass savings back to the programs using them.
What PBM's have actually done:
1. Used legal loopholes to hide profits taken by negotiating with drug manufacturers & pharmacies. This is why you see drug spending go up each year instead of down. Copay's go up each year, deductibles go up each year.
2. PBM's have a GAG order in their contracts with insurances & pharmacies preventing anyone from disclosing how much PBM's were paid or how much pharmacies are being paid so the profits made by PBM's can be hidden. All this using LEGAL LOOPHOLES.
3. PBM's are using these profits to buy insurance companies, buy up other PBM's and consolidate the market so this pseudo-monopolies can now dominate the market and make insurances & governments dependent on them.
4. Use PBM affiliated (or sometimes owned) pharmacies to restrict patients use to those pharmacies only reducing choice for patients
5. This anti-competitive practice of restricting patient access also has another benefit to the PBM owned/affiliated pharmacies, it eliminates competition and makes patients & insurances more dependent on them.
6. By making competition weaker they take further advantage, they now pay pharmacies below cost so that they can eliminate competition faster.
As you can see our taxpayer dollars are being used via high priced lawyers to exploit legal loopholes to hide profits and reduce benefits, eliminate competition, create monopolies. THIS NEEDS TO STOP.
WE are asking Governor Larry Hogan to follow other states that have set limits to how much a PBM is paid by making them Transparent.
Pay pharmacies just cost of Medication as determined by NADAC + Professional fee determined by state of Maryland. NADAC or National Average Drug Acquisition Cost, is determined by an independent body contracted by Centers for Medicaid/Medicare Services survey's pharmacies and audits invoices to figure out TRUE cost of drugs.
We at IPMD believe that this method will save the state, taxpayer and general public money. It will set a ceiling on prices, it will eliminate anti-competitive & monopolistic practices by PBM's, improve access to medication and choice for patients.
Join us by supporting this petition and call your delegates/Senators to do the same.
CUT THE MIDDLEMAN & SAVE MONEY FOR THE TAXPAYER.
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