When your doctor prescribes you a medication, you’re likely familiar with the two ends of the supply chain that delivers it to you, from the drug manufacturer to the pharmacy where you pick it up. You’re perhaps less aware of a key “middleman” — the pharmacy benefit manager (PBM). If we want to tame the high price of prescription drugs, it is crucial that policymakers address this lesser-known player.
At every point in the supply chain, the cost of a prescription drug increases, gradually making the product significantly more expensive than the price at which the manufacturing company first sold it. PBMs aren’t new to the chain; they’ve existed for decades. They were originally created to help insurance companies manage drug claims and serve as middlemen between drug companies, pharmacies, employers, patients, and insurers. That is no longer the case....
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