Senator Jim Justice on Pharmacy Benefit Managers (PBMs) and Healthcare Costs

The PBM Problem: A Runaway Train Wreck

• 🚂 Senator Jim Justice describes the impact of Pharmacy Benefit Managers (PBMs) on healthcare costs as a "runaway train wreck" that requires immediate action.
• 💡 He emphasizes the need for transparency in the healthcare system, questioning why it would be considered negative.

Impact on Independent Pharmacies

• 📉 PBMs create significant financial pressure on independent pharmacies by underreimbursing them for prescription drugs.
• ⚠️ Pharmacies are often forced to sell drugs at a loss, with PBMs paying less than the acquisition cost, pushing them towards bankruptcy or directing patients to PBM-owned pharmacies.
• 💰 This practice allows PBMs to profit from the "float" (the time between paying for a drug and receiving reimbursement) and by manipulating reimbursement rates.

The Critical Role of Pharmacists

• 🤝 The last five feet between a patient and a pharmacist are highlighted as a crucial point for patient care and safety.
• 💊 Pharmacists play a vital role in ensuring medications do not conflict with each other, preventing potentially harmful drug interactions.
• 🏥 PBMs are seen as actively working to put these essential community pharmacies out of business, undermining patient access to care.

Call to Action

• 🗣️ Justice urges all stakeholders to acknowledge the severity of the problem and to take action to address it.
• ✅ He stresses that the core issue boils down to having the courage to act on known problems.