Popular brand name drugs are becoming increasingly scarce across the five boroughs thanks to abusive practices by middlemen known as pharmacy benefit managers (PBMs).
In addition, independent pharmacists are sounding the alarm. In a survey of 176 independent pharmacies released today by the New York City Pharmacists Society, 92 percent of respondents were forced to turn away patients over the last six months due to underwater reimbursements by PBMs that threaten to put these critical health care providers out of business.
Respondents reported turning away 4-10 patients daily per pharmacy, on average.
A full 98 percent of respondents reported they’ve stopped carrying some or all brand name drugs over the last six months to avoid sustaining crippling losses on those medications. Looking ahead to 2025, 96 percent of the respondents indicated they are very likely to stop carrying additional medications if reimbursement rates are further reduced as projected.
Additionally, 96 percent of respondents anticipate having to lay off employees or reduce store hours to cope with these financial challenges.
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Independent pharmacies blame pharmacy benefit managers (PBMs), a group of Fortune 15 corporations that have amassed enormous power in recent years as controversial middlemen between insurers, patients, drug makers, and pharmacies.
PBMs have long imposed onerous fees on pharmacies – leading hundreds of NYC pharmacies to reduce store hours, lay off employees, or close their doors – but a recent rule change provides new transparency into those fees.
Pharmacies regularly lose $30 to $100 – and often as much as $250 or more – every time they fill a prescription for a wide range of common brand name drugs.
Respondents to a previous survey conducted earlier this year most frequently cited Biktarvy, Eliquis, Entresto, Farxiga, Humira, Januvia, Jardiance, Mounjaro, Ozempic, Symbicort, Trulicity, Wegovy, and Xarelto among those they have stopped carrying.
“Independent pharmacies are critical health care providers that our most vulnerable neighbors depend on and this survey demonstrates that the unchecked abuses of powerful pharmacy benefit managers threaten not only these small businesses but their patients,” said Tom Corsillo, a spokesperson for New York independent pharmacies. “This is a crisis that demands urgent attention from policymakers to protect both our pharmacies and the communities they serve.”
Independent pharmacists are urging New Yorkers to voice their concerns with the New York State Department of Financial Services’ Pharmacy Benefits Bureau – which was established in 2022 by Governor Hochul to license, regulate, and monitor the activities of PBMs – by visiting PBMhorrostories.com.
Photo credit: CVS Harlem.
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