Navigation Links
Congressional Budget Office Analysis of HR971 Rejects Pharmacy Benefit Managers' Bogus Claim Bill Would Cost $29 Billion Over 5 Years
Date:1/16/2008

CBO Estimates Bill Allowing Pharmacies to Negotiate Collectively Would Increase Costs by Only $727 million over Ten Years

WASHINGTON, Jan. 16 /PRNewswire-USNewswire/ -- Despite pharmacy benefit managers' (PBMs) claims that HR971, the bill allowing independent pharmacies to collectively negotiate with PBMs, would increase costs to Medicare D and private drug insurers by $29 billion, the Congressional Budget Office (CBO) rejected this bogus number.

This month CBO found that HR971 would increase costs to Medicare D, Medicaid, and the Federal Employees Health Benefits (FEHB) program by $727 million over ten years. This is less than 3% of the unfounded $29 billion that the Pharmaceutical Care Management Association (PCMA), which represents PBMs, claims the bill would cost Medicare D and other payers over five years. The Association of Community Pharmacists Congressional Network (ACP*CN) hopes this CBO report will encourage members of Congress to swiftly pass HR971 and the Senate companion bill S2161.

"Pharmacy benefit managers' repeated attempts to distort market place realities and the way they conduct business with independent pharmacies is once again exposed in this CBO report. The CBO estimate is a real workable number compared to the PBMs outlandish, make believe figure. All along we have said that PBMs use their monopolistic standing in the marketplace to routinely misrepresent the facts and under-reimburse neighborhood pharmacies for Medicare D drugs," said Mike James, Vice-President, Government Affairs, ACP*CN.

"The recent OIG report underscores this reality, concluding that PBM reimbursements to community pharmacists were only 17.3% to 18.1% above our acquisition costs. This is well below the established 20-21% overhead costs needed to operate a pharmacy, which means we are losing money on every Medicare prescription. The time is now for Congress to grant independent pharmacies an exemption in the nation's anti-trust law," concluded James.

The Community Pharmacy Fairness Act (HR 971) and the Senate bill (S2161) with the same name would provide an exemption in the nation's anti-trust law for neighborhood pharmacies to collectively bargain with PBMs to negotiate fairer contract terms. PBMs act as middlemen between drug companies and health insurers, administering the drug benefit for private and public health plans, including Medicare D.

About the Association of Community Pharmacists Congressional Network (ACP*CN)

Based in Raleigh, NC, the Association of Community Pharmacists Congressional Network consists of 20,000 independent pharmacists nationwide dedicated to serving the communities in which they live. ACP*CN is dedicated to the survival and growth of the independent pharmacy owner, who often times is the only pharmacy operating in rural towns across America. For more information visit http://www.acpcn.org.


'/>"/>
SOURCE Association of Community Pharmacists Congressional Network
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Congressional Budget Includes Earmark to Keep Washingtons Sexual Assault DNA Program Moving Forward
2. Statement by American Heart Association Immediate-Past President Raymond Gibbons, M.D. on Congressional Omnibus Spending Bill
3. NCPA Applauds Pharmacy TRICARE Provisions in the Congressional Passage of the Defense Authorization Bill
4. Lung Cancer Alliance Praises Congressional Call for Increased Commitment to Fund Lung Cancer Research
5. National physician organization supports Capps-Rogers Bill at todays congressional briefing
6. Congressional failure to override SCHIP veto saddens physicians
7. American Heart Association Congratulates Pioneer Heart Surgeon for Being Named Recipient of Congressional Gold Medal Award
8. Capps to Lead Bipartisan Womens Caucus Congressional Delegation to Represent United States at Women Deliver Conference in London
9. Congressional Support Grows for FDA Regulation of Tobacco: Bill Now Sponsored by 55 Senators, 200 Representatives
10. AGD Applauds Congressional Support of SCHIP Reauthorization
11. More than 125 State Leaders - Including Governor, Lt. Governor, and Congressional Delegation - Endorse Campaign to Make Delawares Kids the Healthiest in the Nation
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/16/2017)... ... January 16, 2017 , ... Atlanta-based incentive company Incentive ... the wheelchair accessibility industry, BraunAbility . Incentive Solutions will provide BraunAbility a ... vehicles. With this new incentive plan, BraunAbility plans to continue their tradition of ...
(Date:1/16/2017)... ... January 16, 2017 , ... Date aired: January 9, ... , Sharon Kleyne, America’s leading water educator, researcher and advocate welcomed health activist, ... The Sharon Kleyne Hour Power of Water, Global Climate Change and Your Health ...
(Date:1/16/2017)... ... January 16, 2017 , ... ... first-quality education and high-level training standards to an international multidisciplinary group of healthcare ... problems. As a way to further its mission at the grassroots level, iaedp ...
(Date:1/16/2017)... ... January 16, 2017 , ... San Francisco dentist, Dr. Ben Amini ... 3-D scanning device which is capable of taking digital impressions of teeth and gums. ... as CAD CAM restorations , in terms of speed, efficiency and patient comfort. ...
(Date:1/16/2017)... ... ... NexTec Group has been selected as a member of the Bob Scott’s VAR ... field of midmarket financial software. , Members of the VAR Stars were selected based ... on revenue and those firms chosen represent a wide range of size and many ...
Breaking Medicine News(10 mins):
(Date:1/14/2017)... , Jan. 14, 2017  Johnson & Weaver, LLP ... of purchasers of Zimmer Biomet Holdings, Inc. (NYSE: ... through October 31, 2016 (the "Class Period"). Zimmer ... and markets orthopaedic reconstructive products, such as knee and hip ... ...
(Date:1/13/2017)... NEW YORK , January 13, 2017 ... Equipment equities: Wright Medical Group N.V. (NASDAQ: WMGI ... MiMedx Group Inc. (NASDAQ: MDXG ), and NuVasive ... the Healthcare sector which fell back to a negative finish ... Health Care Index falling about 0.1%, while shares of health ...
(Date:1/13/2017)... 2017  Alfalfa, cattle, leafy greens and rosy cheeked children ... , which emphasizes the food industry,s shift from response to ... COPAN,s Swab Rinse Kit (SRK™) ... process in the wake of the new FDA Food ... is expanding the U.S. production of the SRK ...
Breaking Medicine Technology: