BioSpace’s Post

Interesting read for those hoping greater transparency and efficiencies can improve the US prescription procurement and delivery process from costing multiples of other nations! "The report finds that PBMs wield enormous power over patients’ ability to access and afford their prescription drugs, allowing PBMs to significantly influence what drugs are available and at what price."

Pharmacy benefit managers (PBMs) have recently emerged as a punching bag with the pharma trade group PhRMA accusing such orgs of driving up drug prices. Now, an alliance of PBMs known as Transparency-Rx has emerged, promising a reform initiative in a digital campaign attempting to put pressure on rival PBMs. Read more about it in this new article! ⤵ https://lnkd.in/gWZBiyzu #PBM #Pharma #TransparencyRX

"The Federal Trade Commission today published an interim report on the prescription drug middleman industry that underscores the impact pharmacy benefit managers (PBMs) have on the accessibility and affordability of prescription drugs. The interim staff report, which is part of an ongoing inquiry launched in 2022 by the FTC, details how increasing vertical integration and concentration has enabled the six largest PBMs to manage nearly 95 percent of all prescriptions filled in the United States." Learn more reading "FTC Releases Interim Staff Report on Prescription Drug Middlemen" #drugmiddleman #drugs #middleman #prescriptions #pharmacybenefitmanagers #pharmacy #yourhealthmatters #buylocal #shoplocal #yousaveonmeds

Michigan Aims To Cut Prescription Drug Costs With ‘Affordability Board’ The five-member board would be similar to new boards in eight other states. It would not have authority to directly regulate pharmaceutical prices charged by drug manufacturers but would attempt to control drug costs by capping the prices paid by state-licensed companies such as pharmacies, hospitals and insurance companies. Drug affordability boards in other states have not yet led to cost reductions but advocates are hopeful that they will eventually lower prices for consumers. Across the country, states that have created review boards include Ohio, Minnesota and Colorado. Some state boards have completed affordability reviews but, as of May, none had actually established a payment cap on any prescription drugs, according to a Harvard Medical School review. DAC Bringing The Nation’s First Flat Fee Pharmacy to Michigan & All 50 States - Covering Prescription Medications For A Low Monthly Fee of $20 Single Coverage - $30 Family Coverage. This Low Monthly Fee Doesn’t Just Cover 1 Prescription Per Month, It’s Covers As Many Prescription’s That You May Have. Call 226-568-9793 Speak Directly With Me Christopher. Visit The Website To Learn More. https://lnkd.in/g2haJNJ7

The report signals a significant intensification of scrutiny into the business practice of PBMs, the opaque intermediaries in the center of the pharmaceutical distribution system. ... https://lnkd.in/g2Ma4NYe

US drug spending up 13.5% to $772.5B last year A report from the American Society of Health-System Pharmacists found that total prescription drug spending in the US jumped to $772.5 billion last year, up 13.5% from 2022, largely due to the popularity of blockbuster weight loss drugs. Semaglutide was the top-selling drug in 2023 with total expenditures of $38.6 billion, followed by adalimumab at $35.3 billion and apixaban at $22.1 billion. Clinics and nonfederal hospitals accounted for $135.7 billion and $37.1 billion of total drug expenditures, respectively. Full Story: HealthLeaders Media (4/24)  

Too little too late, or perhaps the beginnings of real change? CVS ditches old model of complex formulas used to set the prices of the prescription drugs it sells, and shifts to a simpler model that could upend how American pharmacies are paid. However, the change does not get rid of all the middle men taking money along the way, or deal with the overpricing by pharmaceuticals. Thanks to a powerful lobby and too many corrupt politicians more concerned with their campaign contributions than the public they represent, our government refuses to tackle the problem of over pricing of pharmaceutical drugs. Consequently, consumers in the United States pay many times more than consumers in other countries for the very same drugs! With out-of-control costs, its not surprising that 50% of prescriptions written by doctors go unfilled. Or that untreated patients end up in hospitals which costs someone tens of thousands of dollars instead. https://lnkd.in/guhZUTvM

The FTC's latest report on pharmacy benefit managers (PBMs) and their impact on drug prices. It's concerning to see how a few big players can drive up costs and limit choices for patients and small pharmacies. Which impacts us all. At Rightway Healthcare, we're committed to changing this landscape. Our innovative approach ensures transparency, affordability, and better access to medications for everyone. We're here to make a difference and stand out in the healthcare industry. https://lnkd.in/eVSBS6hz

A primer on brand-name prescription drug reimbursement in the US >>> lqventures.com #strategy #competitiveintelligence #marketing #pharma #pharmaceutical #healthcare #biotech #productmarketing

The initial top 10 medicines accounted for $50.5 billion, or about 20%, of total Part D prescription costs during the last 12 months and currently have no generic competitors. These negotiations are kicking off a process that aims to make the most costly medications more affordable for older Americans however drug makers aim to derail the negotiations saying this process is a threat to their revenue growth, profits, and drug innovation. #healthinsurance #pharmaceuticals #partd #medicare