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:6/25/2016)... ... June 25, 2016 , ... As a lifelong Southern Californian, Dr. Omkar ... M.D from the David Geffen School of Medicine at UCLA. He trained in Internal ... complete his fellowship in hematology/oncology at the UCLA-Olive View-Cedars Sinai program where he had ...
(Date:6/25/2016)... ... ... On Friday, June 10, Van Mitchell, Secretary of the Maryland Department of Health and ... their exemplary accomplishments in worksite health promotion. , The Wellness at Work Awards took ... the BWI Marriott in Linthicum Heights. iHire was one of 42 businesses to receive ...
(Date:6/24/2016)... CA (PRWEB) , ... June 24, 2016 , ... A ... procedures that most people are unfamiliar with. The article goes on to state that ... but also many of these less common operations such as calf and cheek reduction. ...
(Date:6/24/2016)... ... ... June 19, 2016 is World Sickle Cell Observance Day. In an effort ... holistic treatments, Serenity Recovery Center of Marne, Michigan, has issued a pain ... Disease (SCD) is a disorder of the red blood cells, which can cause episodes ...
(Date:6/24/2016)... Texas (PRWEB) , ... June 24, 2016 , ... ... International Conference and Scientific Sessions in Dallas that it will receive two significant ... of the grants came as PHA marked its 25th anniversary by recognizing patients, ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... June 24, 2016   Bay Area Lyme ... Dean Center for Tick Borne Illness , ... Rehabilitation, MIT Hacking Medicine, University of California, Berkeley, ... announced the five finalists of Lyme Innovation ... More than 100 scientists, clinicians, researchers, entrepreneurs, and ...
(Date:6/24/2016)... , June 24, 2016  American Respiratory Labs (ARL), a ... now able to perform sophisticated lung assessments in patients, homes, thanks ... Inc. Patients are no longer limited to having ... PRO ® , ARL patients like Jeanne R. of ... the comfort of her own home. ...
(Date:6/24/2016)... , June 24, 2016  Arkis BioSciences, a ... invasive and more durable cerebrospinal fluid treatments, today ... The Series-A funding is led by Innova Memphis, ... and other private investors.  Arkis, new financing will ... and the market release of its in-licensed Endexo® ...
Breaking Medicine Technology: