The Kentucky Attorney General has begun a probe into allegations that pharmacy benefit managers overcharged the state Medicaid program and discriminated against independent pharmacies.
The move follows a recent report showing PBMs appear to have profited from spread pricing, which refers to the fees these companies pay pharmacies and then bill back to state Medicaid programs. Last year, PBMs were paid $858 million, of which they kept $123.5 million, or 13 percent. This was up from 9.4 percent in 2017, according to the report by the Kentucky Cabinet for Health and Family Services.
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WOW!!! What a big surprise !!!! These PBM’s overcharged Kentucky’s state Medicaid program and at the same time underpaid Independent Pharmacies. This certainly looks like
a pattern of criminal activity to me. Let’s see, the Attorney General will be going back 5 years
to see how much the PBM’s stole . Ed, I’ll make you a $1.00 bet that the figure is over
100 million dollars.
This PCMA group really has some set of kahuna’s ! . They can actually say that PBM’s are hired to reduce drug cost for Medicaid with a straight face? Can someone out there in cyber space please tell me what the D.O.J doesn’t see ? The PBM’s actions have been so blatantly in your face robbing from so many states. Yet the Fed’s do nothing about it. I just don’t get it Ed.
Well , Wednesday’s congressional hearing with the 5 big PBM’s should be interesting to say the least. I wish I was there asking the questions !!!!!