NACDS Criticizes GAO on PBM Study

Discussion
Jan 14, 2003
George Anderson

By George Anderson


The General Accounting Office’s (GAO) study on Pharmacy Benefit Managers (PBMs)
got it wrong and the National Association of Chain Drug Stores (NACDS) isn’t
afraid to say so.


Craig Fuller, president and ceo, NACDS said in a released statement, “The GAO
report ignores the reality that many public and private plans have been moving
away from using PBMs because of the lack of transparency in their business operations.
He added, “I am afraid that the GAO pulled the proverbial wool over it’s own
eyes by not taking a hard look at the schemes PBMs employ to benefit their financial
interests.”


PBMs have come under scrutiny, in part, because of concerns over conflicts
of interest. The two largest PBMs, Medco Health Solutions and AdvancePCS, are
profitable because of rebates and other fees received from pharmaceutical companies
according to a report on the GAO study in today’s New York Times.


Moderator’s Comment: Is there a problem with the manner
in which Pharmacy Benefit Managers (PBMs) do business? Are consumers better
or worse off because of PBMs?
[George
Anderson – Moderator
]

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