One big reason why you're paying so much for prescription drugs
If you live in the United States, this story is about you.
Pharmacy Benefit Managers – or PBMs – are multi-billion dollar companies that act as middle men in setting up and operating employee benefit plans. They claim to lower the costs of prescription drugs for ordinary Americans.
In fact, some of the biggest PBMs in the world are being sued by large companies and investigated by the government because they have done the exact opposite. They are inflating the cost of prescription drugs by fraudulently increasing the amounts you pay for your medicine and putting the extra cash in their pockets.
Read about an Arkansas political candidate campaigning hard against these abuses.
Good news! A Maine law designed to remedy the problem survives a big test in the Supreme Court.
Read about a recent government probe of PBMs allegedly abusing the Federal Employees Health Benefit program.
Fortunately, large corporations have the power to fight back, and they have done so. Many corporate and other health plans have started the process of recovering large amounts from the PBMs. Other corporations are watching. They know they’re probably being cheated too, so there is every reason to believe those corporations will fight back as well.
How does this affect you? When the company you work for pays more for health benefits, you pay more for health benefits. When PBMs cheat your employer, they’re cheating you. It’s cash out of your pockets.
SimmonsCooper is fighting to help these cheated health plans. We have joined the battle to bring these PBMs to justice. We stand ready to represent other businesses and health plans that have been cheated by PBMs as well.
PBMs service 80% of the prescription drug coverage in the U.S. The three biggest PBMs cover over 200 million lives in the U.S. That’s around 75% of all people who have prescription drug insurance!
We must no longer leave so much responsibility for so many people’s lives in the hands of thieves.
What can you do?
Talk to your supervisors at work. Talk to your Human Resource Department. Seek information and express your concern. If appropriate, write a letter to the president of your company. You have every right to do so.
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