Recent public financial disclosures from major health insurance conglomerates like CVS Health have shed light on a concerning trend: the pharmacy benefit managers (PBMs) these corporations own or are affiliated with are generating significant revenue from the 340B program originally designed to help patients in need access affordable medications.
CVS Health recently reported that less income from 340B contract pharmacy arrangements contributed to a $1.2 billion reduction in operating income in a three-month period. Another healthcare services company, Progressive Care, publicly disclosed that that its revenue from 340B-affiliated contracts has higher margins than revenue from its regular pharmacy operations.
These revelations raise important questions about the true beneficiaries of the 340B program. Evidence suggests that PBMs and other intermediaries are pocketing savings from the program.
As state and federal regulatory bodies propose changes to the 340B program, it's crucial to consider how reforms – and any loopholes – may impact both patients and PBMs.
Policymakers Should Be Asking: Should a program designed to help vulnerable patients in need be a significant profit center for PBMs?
The Answer: Absolutely not.
It's time to refocus the 340B program on its original mission – ensuring that the intended patients have access to medications at lower out-of-pocket costs.
See what experts and patient advocates are saying here.
The worthless, useless Democrat's destroyed the Medicare Part D. My wife and my Aetna Drug coverage annual cost was 450+/- last year. This year because of the Inflation Reduction Act signed by Biden, our annual Aetna cost is 1500+/-. We have to pay 100% from our drugs and the monthly premium. Which went from $20.10 each to $55.10 per person.
Thank You The Worthless LEFT A-Holes.