Causes Of Rising Prescription Medicine Costs And Pharmacy Closures Are Revealed In A New Analysis

A new analysis reveals the reason behind the growth in the cost of prescription drugs and the closure of pharmacies. A recent analysis sheds light on the factors that are driving up the cost of prescription medications and ultimately the closure of pharmacies.

More than 80 locally owned and operated pharmacies in the state of Oregon took part in the study.

According to the findings of the analysis that was compiled by the Oregon State Pharmacy Association, Pharmacy Benefit Managers, also known as PBMs, are exploiting pharmacies. PBMs function as intermediaries between drug producers and patient health plans. PBMs are also known as pharmacy benefit managers.

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According to Brian Mayo, the Executive Director of OSPA, the existing system enables PBMs to demand higher costs for pharmaceuticals.

“Which includes pricing spreads, as well as patient steering, and the forcing of them to not be able to fill their prescriptions at more independent pharmacies,” he stated. “[T]his encompasses everything from price spreads to patient steering.” They are required to go to a certain drugstore or submit their request by mail.

According to the Mayo Clinic, greater out-of-pocket costs for patients are the direct consequence of higher drug prices.

Mayo has stated that he wishes for new legislation to bring about a change in the practices.

Causes Of Rising Prescription Medicine Costs And Pharmacy
Causes Of Rising Prescription Medicine Costs And Pharmacy

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“In preparation for the legislative session of 2023, we are planning to draught and introduce a PBM reform measure. It’s not a democrat issue, it’s not a republican issue, it an Oregonian issue,” Mayo added.

He also mentioned that the study was conducted after the fact that Bi-Mart had closed over 30 pharmacies the previous year.

Mayo stated that he is interested in learning what the other contenders for governor currently have to say about this matter.

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