We know Americans pay more for prescription drugs than any other country in the world; the question is why? According to Assemblyman John McDonald whose family owns a local, independent pharmacy, one reason for the high costs may be the market growth of “Prescription Benefit Managers” (PBMs), three of which control 80% of prescriptions in the country.
To increase transparency around prescription drug prices, McDonald is pushing Gov. Kathy Hochul to sign the “Patient Access to Pharmacy Act,” (A5882-C/S05939-C), which passed in both houses of the legislature this year.
The bill would change reimbursement rates to pharmacies from PBMs and health plans to the current New York state Medicaid Rate. The Medicaid rate is based on a Mark Cuban-type program that promotes transparency in the prescription drug reimbursement world.
McDonald discussed the issue with Capital Tonight’s Susan Arbetter.
