Pharmacy benefit managers (PBMs) were created as middlemen to reduce administrative costs for insurers, validate a patient’s eligibility, administer plan benefits, and negotiate costs. But up until now, they’ve operated virtually unchecked.
The FTC recently launched an investigation into the six largest PBMs regarding their role in increasing prescription drug prices. In this episode, we talk with Catherine Hall, RN, Director of Prescription Drug Management, about what’s going on with the inquiry and how benefit advisors can protect their clients from bad PBM practices.
In this episode, we discuss:
On a recent For Your Benefits podcast episode, Catherine Hall talked to us about the effects of rising drug costs and what employers and consumers can do to control spending. To learn more, listen to Essential Strategies to Reduce Prescription Drug Costs.