Letter: One reason drug costs are soaring

This letter originally ran in The Finger Lake Times.

The Federal Trade Commission recently reported that nearly 30% of Americans ration or skip doses of their prescribed medication due to high costs.

Why? Because pharmacy benefit managers — middlemen in the drug supply chain — muddy the healthcare water with their corporate greed. These entities manage prescription drug benefits on behalf of insurers and set the prices that patients pay for medicine.

This unchecked power has enabled PBMs to jack up the cost of lifesaving treatments, forcing patients to pay top-dollar for prescription drugs. And there’s no end in sight, since PBMs take a percentage of the profit for every drug that’s sold.

Meanwhile, independent pharmacies are struggling to stay afloat since PBMs often reimburse these community-oriented shops at rates lower than the cost of these expensive drugs. The results are glaring. Independent pharmacies in New York are shuttering left and right, leaving patients scrambling for alternatives.

Each closure deprives patients of a trusted healthcare advocate that knows their personal needs and health history. Pharmacies like mine prioritize quality care and have built strong community relationships, making these losses deeply felt.

Fortunately, current federal legislation aims to rein in some of the unchecked power PBMs have over our healthcare system. But, until the measures become law, independent pharmacists are at the mercy of these corporate players.