For too long, PBMs have had abusive practices that remove a patient's choice in pharmacies, underpay pharmacists, and keep medication costs high - or even raise them!
Independent pharmacy is at risk. Many pharmacies will close due to these continued, deep cuts. Over 70% of our insurance claims pay out less than the cost of dispensing the medication.
We are trying to pass 2 bills this session that will help curb and regulate PBMs, and we need the community support!
What Are PBMs?
A PBM is a Pharmacy Benefits Manager. They are the business in between a pharmacy and an insurance company. There are so many different plans and patients and prescriptions, a PBM was created to help handle all the transactions.
Now, they yield way too much power, leading to abuses of the system on NY taxpayers AND NY pharmacists.
One thing they do is called "spread pricing." They pay a pharmacy $1 for a prescription, then tell the insurance they charged $30. In NY Medicaid alone, this amount is near $300 million.
They've stolen this $300 million from providers, under paying us for our services. We often LOSE MONEY on each prescription we fill.
They've also stolen this from us taxpayers. Prices remain high because a big chunk of money is going to PBM profits.
What Can You Do?
Read the full report from NYS Senator Skoufis on PBMs found here.
Everyone PLEASE call Cuomo today 12/23/2019. He will either sign or modify our PBM bill. THE FUTURE OF OUR PHARMACY DEPENDS ON THIS BILL.
Call and let him know you support S6531 and he should sign it AS IS.
Governor Cuomo Contact:
Phone - 1-518-474-8390
Twitter - @NYGovCuomo
Contact Neal if you have any questions at 845-679-0790!