The PBM Accountability Project of Iowa will advocate for state and federal policies to hold Pharmacy Benefit Managers (PBMs) accountable, protect patients and small businesses from predatory practices.
Des Moines, IA – This week, during the Iowa Pharmacy Association’s annual meeting, leaders from across the state announced the formation of an unprecedented initiative – the PBM Accountability Project of Iowa. The coalition represents leaders from Iowa’s business and healthcare community, policy experts, and patient advocacy groups who share a mission to ensure patients pay no more than is absolutely necessary for medications, while protecting small businesses and Iowans’ right to make informed healthcare decisions.
Pharmacy benefit managers (PBMs) have taken center stage as policy makers and political candidates debate how best to address rising out-of-pocket healthcare costs. PBMs were originally intended to give patients and purchasers leverage when negotiating prescription medicine prices. However, these multi-billion-dollar corporations fail to pass a very large portion of those savings on to the patients, employee health plans, and public insurance programs that pay the final price. Currently, only three PBM corporations control more than 80% of the U.S. market share, stifling competition that would reduce costs of prescription medicines Iowans need. These middlemen companies that control the market are vertically integrated with major health insurance corporations. Moreover, they own or manage their own corporate pharmacy networks, deploying them to force independent, community pharmacies out of business.
“We all recognize patients need solutions to high out-of-pocket costs for prescriptions,” said Seth Brown, with the Iowa Pharmacy Association. “By coming together to tackle the monopolistic and unfair business practices of PBMs we have a real chance to make a difference for patients in Iowa.”
“It is past time to bring transparency to prescription drug pricing,” said Jeanne Burmeister, executive director of Prevent Blindness Iowa. “In order to ensure that Iowa patients are paying a fair price that they can afford we need to reform the pharmacy benefit manager business to prevent these entities from manipulating the price of prescription medicines.”
As presidential hopefuls begin campaigning in the state, the PBM Accountability Project of Iowa released poll results demonstrating that a majority of Iowans support regulating PBMs and would be more likely to support candidates for office who are in favor of increased PBM regulation.
Key findings from the poll, administered by Lake Research Partners and Bellweather Research earlier this year, include:
88% of likely Iowa voters surveyed say it is important to have rules that require pharmacy benefit managers to provide value and lower drug costs to consumers.
75% of likely Iowa voters would be more likely to vote for a candidate who supports regulating pharmacy benefit managers than one who prefers to keep the rules the same.
The PBM Accountability Project of Iowa will work to educate fellow Iowans about the role PBMs play in manipulating prescription drug prices and advocate for effective state and federal solutions that benefit Iowa’s businesses, taxpayers, and ultimately patients at the pharmacy counter. These solutions include:
Requiring PBMs to pass through prescription drug savings to Iowa patients, businesses, and taxpayers;
Instructing PBMs to report to Iowa businesses and state government the PBM acquisition cost of medicines and the sources and amounts of all revenues PBMs receive; and,
Ensuring PBMs are paid only a transparent, competitive fee for the value of their services and do not profit from playing games with the cost of Iowans’ prescription medicines.
To learn more, visit www.PBMAccountabilityIA.org.
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About the PBM Accountability Project of Iowa
The PBM Accountability Project of Iowa comprises a broad coalition of leaders and stakeholders across the state, including the Iowa Pharmacy Association, the Iowa State Grange, EasterSeals Iowa, Prevent Blindness Iowa, the Iowa Academy of Family Physicians, American Free Enterprise Chamber of Commerce, and the Rheumatology Association of Iowa in addition to several national partners. The PBM Accountability Project of Iowa’s mission is to restore prescription drug savings for Iowa patients and purchasers and assure affordability for patients, working families, business and employee groups, taxpayers, our State government, and communities across the state.
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