WASHINGTON, Aug. 16, 2012 /PRNewswire-USNewswire/ -- Pharmacists United for Truth and Transparency (PUTT) today commemorated its first anniversary of working to expose abusive practices of pharmacy benefits managers (PBMs) and reduce the cost of prescription medications. Since forming in August 2011, PUTT has worked to explain to employers in the private and public sectors and members of the media how PBMs, who administer prescription drug programs, increase the cost of medications while lining their own pockets with the profits.
"PUTT pharmacists have worked tirelessly this year to expose the profiteering role of PBMs and bring accountability to the shadowy world of pharmacy benefits management," said PUTT President Dave Marley. "We have a long way to go to eliminate PBM abuse of employers and taxpayers' dollars, but we're committed to the fight and excited for new breakthroughs this year."
Over the past year, PUTT's network of more than 1,000 independent pharmacists across the United States has led a charge to bring accountability to the pharmacy benefits management industry.
"An important way to keep drug prices down is transparency. PBMs make excessive profits by charging plan sponsors far more than they pay pharmacists. The practice is called 'spread pricing.' PBMs get away with this mark-up because their contracts prohibit pharmacists' from telling plan sponsors how much the PBM has paid them."
Amidst a merger in April between two of the nation's largest pharmacy benefits managers, Express Scripts and Medco, and growing PBM involvement in Medicaid programs through "managed care" takeovers, PUTT has advocated for increased PBM transparency and worked with benefits managers to construct and implement contracts which prohibit PBMs from price-gouging and marking-up drug costs.
ABOUT PHARMACISTS UNITED FOR TRUTH AND TRANSPARENCY
Pharmacists United for Truth and Transparency (PUTT) is an independent watchdog organization dedicated to exposing the role pharmacy benefit managers (PBMs) play in driving up prescription drug costs for consumers and employers. PUTT is a growing coalition of independent pharmacists and pharmacy owners and a resource for employers, policy makers and members of the media. It is a not-for-profit organization funded by individual members, not corporations or other special interest groups. For more information visit TruthRx.org.
|SOURCE Pharmacists United for Truth and Transparency|
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