Pharmacy Benefit Managers: The Silent Squeeze on Independent Pharmacies in America
Prescription medicine over bills / Soru Epotok – stock.adobe.com
In a comprehensive investigation into the often-overlooked role of Pharmacy Benefit Managers (PBMs), we engaged in insightful discussions with leading industry experts from diverse backgrounds. These discussions illuminated the intricate relationships that underscore the functioning of the drug supply chain. Experts, including legal authorities, healthcare advocates, and practicing pharmacists, provided their perspectives on the current challenges facing pharmacies and articulated potential strategies necessary for the profession to not only survive but thrive in an ever-evolving healthcare landscape.
How to Turn Patient Visits into Clinical Encounters in the Pharmacy | NCPA 2024
Today, effective pharmacy workflows are increasingly focused on the shared objective of reducing patient wait times while enhancing service delivery. Presenters at the National Community Pharmacists Association (NCPA) 2024 Annual Convention and Expo emphasized that the future of pharmacy operations will prioritize the enhancement of each patient’s care quality and their overall clinical experience. During a notable session at the NCPA 2024 Annual Convention and Expo, Tara Pfund, PharmD, and Cyrstal Bryan, PharmD, from Cascadia Pharmacy Group, engaged a community pharmacist audience, elaborating on the anticipated transformation in common pharmacy processes.
Advancements Needed in Treating, Identifying Drug-Induced Liver Injury
Drug-induced liver injury (DILI) continues to present a significant challenge for healthcare professionals in reporting and identifying medications responsible for liver damage. Despite research initiatives focusing on pharmacoepidemiological methods, electronic health record (EHR) data analysis, and the role of gut microbiota, a call for further investigation remains imperative. This additional research is essential for gastroenterologists, hepatologists, and other medical practitioners aiming to tackle the ongoing issues surrounding liver injuries effectively.
Potential Applications, Risks of AI in the Pharmacy | NCPA 2024
During the NCPA 2024 Annual Convention and Expo, held from October 26 to 29 in Columbus, Ohio, Drug Topics had the opportunity to converse with Sean Jeffery, PharmD, BCGP, FASCP, AGSF. As the director of pharmacy at Hartford HealthCare Integrated Care Partners and a professor at the University of Connecticut, Jeffery shared valuable insights on how artificial intelligence could revolutionize pharmacy workflows. He also addressed the potential risks that AI poses concerning the privacy and security of patient data, highlighting the need for caution as innovations are integrated into pharmacy practice.
Hormonal Contraceptive Prescribing Benefits Patients, Pharmacies | NCPA 2024
According to the Centers for Disease Control and Prevention (CDC), an alarming 35.7% of pregnancies in the United States are unintended, resulting in significant financial implications for taxpayers, estimated at $11 billion annually. In regions with considerable healthcare access barriers—particularly healthcare deserts—pharmacists are positioned to bridge the gap in care. In Arkansas, which ranks first nationally in teen pregnancies, Brittany Sanders, PharmD, highlighted the dire statistics: “We are third in infant mortality, and fourth in maternal mortality,” she stated. “These aren’t just statistics. These are real women—real people—who live in Arkansas who can benefit from our services.”
**Interview with Dr. Emily Harris, Pharmacist and Healthcare Advocate, on the FTC’s Interim Report on PBMs**
**Interviewer:** Thank you for joining us today, Dr. Harris. The recent FTC interim report highlights significant concerns regarding Pharmacy Benefit Managers (PBMs) and their influence on independent pharmacies. What are your thoughts on these findings?
**Dr. Harris:** Thank you for having me. It is indeed concerning. The FTC’s report underscores how PBMs often impose unfair practices that can adversely affect independent pharmacies. These middlemen play a crucial role in determining drug prices and access, yet their substantial influence can create barriers for independent pharmacies, often leading to reduced competition and higher costs for consumers.
**Interviewer:** What specific challenges do independent pharmacies face in dealing with PBMs, as noted in the report?
**Dr. Harris:** Independent pharmacies frequently find themselves squeezed by the reimbursement rates set by PBMs, which can be significantly lower than the cost to acquire medications. Additionally, many PBMs impose complex rules, such as prior authorizations and restrictive formulary lists, making it difficult for pharmacies to serve their patients effectively. The report indicates that these practices can lead to a reduction in patient access to necessary medications, and that’s alarming.
**Interviewer:** Considering this situation, what strategies do you think independent pharmacies can employ to thrive in this challenging environment?
**Dr. Harris:** Independent pharmacies must focus on building strong relationships with their communities and emphasizing personalized care. They can leverage technology to streamline workflows, enhance patient experience, and engage in clinical services to diversify their offerings. Networking with other pharmacies to create collective bargaining opportunities with PBMs can also help strengthen their position.
**Interviewer:** At the recent NCPA convention, there was a focus on enhancing patient care. How does this relate to the challenges posed by PBMs?
**Dr. Harris:** That’s right. As independent pharmacies work to enhance patient care and reduce wait times, they must also contend with the complexities introduced by PBMs. By transforming patient visits into clinical encounters, independent pharmacies can demonstrate their value to patients and healthcare providers alike, which may empower them to negotiate better terms with PBMs.
**Interviewer:** What message would you like to send to policymakers about the role of PBMs and their impact on independent pharmacies?
**Dr. Harris:** I urge policymakers to take a closer look at how PBMs operate and consider regulations that promote transparency and fairness in their practices. Supporting independent pharmacies is essential not just for maintaining competition but also for ensuring that patients have access to quality care in their communities. We must find a way to support these vital healthcare providers.
**Interviewer:** Thank you for your insights, Dr. Harris. This is a crucial conversation that needs to continue as we evaluate the future of independent pharmacies in America.
**Dr. Harris:** Thank you. It’s imperative we keep these issues at the forefront, as the health of our communities relies on the viability of independent pharmacies.
