Understanding Competition in U.S. Prescription Drug Markets: Entry and Supply Chain Dynamics
I have been a pharmacist at Franklyn's Pharmacy in HoHoKus, NJ for over 20 years. We are an independent pharmacy geared to suit the individual needs of our patients. PBM's are threatening our livelihood with reimbursements that our below our costs and forcing our patients to use PBM owned mail-order and retail pharmacies, like CVS to save on their copays. This is anticompetitive behavior and a serious threat to all patients by limiting access to healthcare. PBM's claim to be able to save the healthcare system money but they are raising the cost of healthcare by profiting at every level of the drug supply chain from manufacturers to dispensers to plan sponsors to patients. They promote drugs for which they have arranged rebates from manufacturers but instead of passing those savings on to the plan sponsors they keep them as profits. They require patient to use PBM owned pharmacies thereby limiting patient access to prescriptions. Any patient should have the right to chose the pharmacy they wish. Healthcare is not being advanced by PBM's but it is being harmed by them. The FTC's mission is to protect consumers and prevent anticompetitive business practices. Please intervene on behalf of small-business pharmacy and our patients and force PBM's to allow equal access and fair reimbursements.