How PBMs Gained Notoriety in the Prescription Drug Market
Expert on drug pricing and pharmacy benefits, Antonio Ciaccia joined Drug Topics to discuss how PBMs came to hold so much control of the pharmaceutical supply chain.
In part 2 of our interview with Antonio Ciaccia, President of 3 Axis Advisors and CEO of 46brooklyn Research, he explained the history of pharmacy benefit managers (PBMs) and what led them to gain such significant market power. Furthermore, he discussed the many nuances surrounding pharmacy benefits, how PBMs have grown to control drug prices, and why they are now one the most scrutinized entities in all of health care.
“I think it's important to first table set that PBMs are providing savings in the marketplace, and they are substantial savings relative to prices charged by manufacturers and pharmacies. But I think that that if I just ended there, that would lack a lot of nuance and context that better, that better contextualizes what those savings are.”
From the government programs established decades before to the current narrative pinning PBMs against other smaller entities within health care, Ciaccia provided a timeline for the prescription drug middlemen’s claims to infamy. He also offered several insights into the complexity of drug pricing and where PBMs have fit into it all in the past, present, and future.
Stay tuned for more from our conversation with Ciaccia, as he discusses further developments regarding PBM reform and the misconceptions that surround these middlemen. Also be on the lookout for our full-length conversation with Ciaccia on our Over the Counter podcast channel.
READ MORE: The 3 Types of PBM Reform Aiming to Change the Pharmaceutical Market
Ready to impress your pharmacy colleagues with the latest drug information, industry trends, and patient care tips? Sign up today for our free Drug Topics newsletter.
