Executives from the nation's largest pharmacy benefit managers denied that so-called 'backdoor deals' with drug manufacturers are responsible for the high prices patients pay for drugs.
Executives from the nation's largest pharmacy benefit managers denied Tuesday that the industry's so-called"backdoor deals" with drug manufacturers are responsible for the increasingly higher prices patients pay for medication, pointing the finger at Big Pharma instead.
"A major factor contributing to the increase in drug spending is the list price of prescription drugs. Drug manufacturers alone set the list price of prescription drugs," said William Fleming, president of healthcare services at Humana."Drug manufacturers raise list prices to boost their revenue." The pharma executives at the time didn't talk much about list prices. Instead, they blamed middlemen for pocketing discounts instead of passing them along to patients. They suggested changes to Medicare, including capping the amount seniors would pay for on their own at the pharmacy counter every year.
Though PBMs are targeted by critics for their rebate system, two of the companies testifying Tuesday have business models that don't benefit from earning high percentages of negotiated rebates.
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