In the article, “Attacks on Pharmacy Benefits Managers Won’t Reduce Drug Prices,” Ike Brannon pleads with the reader not to see pharmacy benefit managers (PBMs) as “the bogeymen they have been made out to be,” and he attempts to recast them as champions of healthcare industry savings.
Here is a quick description of who PBMs are and what they actually do to set things straight: PBMs are essentially middlemen who make obscene profits playing a sophisticated arbitrage game. Last year, one of the “Big Three” PBMs—Express Scripts/Evernorth—made $153.5 billion in revenue, which made up nearly 80 percent of the revenues of its parent The Cigna Group, which, in turn, holds the Cigna health plans.
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