WMC submitted a letter to the Federal Trade Commission in support of Pharmacy Benefit Managers (PBMs) to help the FTC understand that the role of PBMs is not to set drug prices, but to reduce prescription drug costs. Many small and large employers, including members of WMC, contract with PBMs to help negotiate with drug manufacturers and pharmacies to lower drugs costs for their employees who get their prescription drug coverage through employer-sponsored plans. On average, PBMs are able to lower prescription drug costs by roughly $962 per patient annually by getting drug companies to compete on price and pharmacies to compete on price and service. Without PBMs, many employers would not be able to offer employees as affordable or comprehensive prescription drug coverage.
WMC Submits Letter to the FTC in Support of Pharmacy Benefit Managers
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