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Point of View: Time to end PBM price gouging | The Oklahoman

Prescription drug prices are out of control. For too long, large corporations have used legal loopholes to profit off of those in need, and it’s time to pass legislation to curtail these harmful practices. House Bill 2632 and Senate Bill 841 are making their way through the legislative process with the goal of giving you the right to choose your pharmacy while providing greater transparency in the prices you pay for drugs.

With less-expensive options becoming more available, many are asking why our prescription drug prices continue to rise. Part of the answer involves a middleman that Oklahomans have never heard of called a pharmacy benefit manager or PBM. Originally, these PBMS only processed prescription claims for insurance companies and plan sponsors. Today they have taken over the prescription drug market. Each of the top three, CVS Caremark, Express Scripts (ESI) and OptumRX, rakes in more than $15 billion annually and control 80 percent of the prescription drug market. They do this while trying to convince us they are holding down costs on prescription pricing.

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Point of View: Time to end PBM price gouging.

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