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Nationwide Coalition Responds to Express Scripts CEO Statement: "I Can't Stop Certain Pharmacies From Going Out of Business"
Date:12/8/2011

WASHINGTON , Dec. 8, 2011  /PRNewswire-USNewswire/ -- The following was released today by Preserve Community Pharmacy Access NOW! (PCPAN):

Less than 24 hours after releasing a study claiming that the merger of Express Scripts Inc. (ESI) and Medco, two pharmacy benefit managers (PBMs), would save consumers billions of dollars in health care costs, George Paz, ESI's chief executive officer testified before the Senate Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights and responded to a question about the merger with, "I can't stop certain pharmacies from going out of business."

Several U.S. Senators expressed concern about the proposed merger at the hearing, including Subcommittee Chairman Herb Kohl of Wisconsin who said,"It is notable that no large employer who privately expressed concerns to us wished to testify at today's hearing, often telling us that they feared retaliation from the large PBMs with whom they must do business."

Later, Kohl questioned Express Scripts' claim that the merger would drive innovation and create savings for consumers saying, "We all know that innovation is the fruit of competition and that the more competitors, the more innovation and the better the consumer is served.  You seem to be making an argument to the contrary.  Have you come up with a new concept for how capitalism works? … Would you suggest that, if you could also take over Caremark and CVS that would be the best thing for everybody?  You control the whole market.  Would you then innovate in a way that would not be possible otherwise?"

Senator Kohl went further asking Paz whether any claimed savings achieved would be directed toward pharmacies and patients with the ESI CEO acknowledging they would not.  Kohl stated, "But I heard you say just now that significantly increasing discounts over what you're
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SOURCE Preserve Community Pharmacy Access NOW! (PCPAN)
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