A new report by a leading health care policy consulting firm describes the large and expanding role of pharmacy benefit management corporations and explores areas that stakeholders have identified as needing greater oversight of and disclosure by these entities.
PRESS RELEASEAlexandria, VA - (Nov. 17, 2015) - A new report by a leading health care policy consulting firm describes the large and expanding role of pharmacy benefit management (PBM) corporations and explores areas that stakeholders have identified as needing greater oversight of and disclosure by these entities.
Applied Policy, L.L.C. examined the influence of PBM corporations at the request of the National Community Pharmacists Association (NCPA). The resulting report, “Concerns Regarding the Pharmacy Benefit Management Industry,” provides an overview of three legislative and regulatory concerns that legislators, policymakers, customers, and pharmacies have raised regarding the PBM industry. The House Judiciary Subcommittee
on Regulatory Reform, Commercial and Antitrust Law
is scheduled to
hold a hearing
Nov. 17 entitled “The State of Competition in the Pharmacy Benefit Manager and Pharmacy Marketplaces” at which NCPA President Brad Arthur, RPh, is expected to testify.
The Applied Policy analysis,
, centers specifically on the following:
“These issues are critical for policymakers and legislators to understand as they consider whether additional oversight of the PBM industry is warranted
,” the authors wrote, citing the growing influence of PBM corporations even as that industry continues to consolidate into fewer options for health plan sponsors. “
As the profile of the PBM industry has risen over the past decade, it has become increasingly important that policymakers fully understand the role that PBMs play in the prescription drug supply chain.”
In addition, Applied Policy notes that there are no federal laws or regulations specific to PBM corporations. In the states PBMs face only a patchwork of state laws of varying scope and level of enforcement.
The report concludes that, “T
ransparency regarding the PBM industry is needed so that purchasers of these services in both in the commercial and government sectors can make well-informed decisions.”
“At a time when those from both sides of the political aisle are pressing for substantially more transparency in health care, large PBM corporations should not go overlooked,” NCPA CEO B. Douglas Hoey, RPh, MBA. “We appreciate the thoughtful and comprehensive look that this report takes at a range of issues relevant to payers, policymakers, patients and independent community pharmacists. Hopefully this resource will contribute to a more informed discussion among government officials about how to ensure proper transparency into and oversight of PBM corporations.”