Biden's Drug Industry Policies Under Fire: Pharmacists and Americans Speak Out

The Biden administration's new rule aimed at limiting the power of pharmacy benefit managers (PBMs) in the drug industry is backfiring, according to pharmacists. The rule, set to take effect in January, requires PBMs to take most of their "performance fees" at the time prescriptions are filled. However, PBMs are responding by demanding new contracts with significant payment cuts for independent drugstores. If pharmacies refuse, they risk losing Medicare customers to the same PBMs that have been absorbing a growing share of the pharmacy business. The current PBM practices have also led to increased prescription costs for Medicare patients.