STOP Shady PBMs to save the state millions

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TALLAHASSEE, Fla.–Ahead of the presentation by the Agency for Health Care Administration (AHCA) and Milliman to the Florida House Finance and Facilities Subcommittee meeting tomorrow, EMPOWER Patients–the coalition representing independent and neighborhood pharmacies in the state–calls on the Florida legislature to take action NOW to stop PBMs from siphoning millions of dollars in profit from the Florida Medicaid program and taxpayers.

 Bill Mincy, Board of Directors, PPSC said, “While the Florida legislature is wrestling with a massive budget shortfall, PBM reform could save the state more than $100 million. But we get it. Taking on PBMs is not an easy task. With deep pockets, these prescription drug middlemen flex their muscle to bury the fact that they are pocketing more than $113 million in taxpayer dollars and their lack of regulatory oversight has allowed anti-competitive behavior to fester in Florida’s Medicaid system. “We urge each member of this committee to ask questions and dig deep into the data. The report outlines inconsistencies with reimbursements for PBM-affiliated pharmacies, with some cases showing PBMs paying their own pharmacies 10-15% more than grocery and independent pharmacies, and how much they markup drugs for their own profit. 

“It’s past time the Florida legislature takes action to fix the shady practices of prescription drug middlemen. These companies are often owned and operated by Fortune 15 companies and they stand to profit even more when oversight is scarce and their practices are kept in the shadows. We continue to watch and look forward to seeing real reform this year.” The Florida House Finance and Facilities Subcommittee meeting and AHCA presentation on PBMs will take place on Thursday, February 18, at 10 a.m.