Cision Newswire, June 15, 2020
Physicians and Patient Advocates Call for More State Disclosures
The Alliance for Transparent and Affordable Prescriptions (ATAP) reacted today to a report issued by the Texas Department of Insurance (TDI) showing the financial activity of the pharmacy benefit manager (PBM) industry in the Lone Star State. Texas law requires that PBMs annually report to the Insurance Commissioner aggregate data on rebates.
“The Texas rebate report is unambiguous. The PBM industry has been generating significant profits while patients struggle to afford the cost of prescription drugs,” stated ATAP’s President Dr. Robert Levin. “Since 2016, through a complex rebate and price concession, the PBM industry in Texas pocketed more than $350 million in revenue, while passing a mere $16 million in savings to enrollees.”
The data as reported by the PBM industry and compiled by the TDI may be found here: https://www.tdi.texas.gov/reports/documents/drug-price-transparency-PBMs.pdf
“PBMs owe it to patients to pass along savings to them,” Dr. Levin continued. “Now that Texas is making rebate information publicly available, it will be easier for other states’ officials and regulators to see the need for reforms.”