Amid ongoing rancor over the cost of prescription medicines, the trade group representing generic drug makers argued in a new report that Medicare Part D formularies are too often failing to cover lower-cost copycat treatments, robbing beneficiaries of potential savings.
To wit, nearly three years elapse before a so-called first generic — the first generic copy of a brand-name medicine to receive regulatory approval — is covered on half of all Part D formularies, or list of drugs for which insurance is provided, according to the report from the Association for Accessible Medicines. The report examined Part D formularies from 2016 through 2019.
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The generic trade group is sooooooo correct !! There are no rules !!! Unfortunately DOJ allowed the atmosphere we presently have regarding the high price of drugs. This is the PBM’s ball field , it’s their bat and their ball. If a drug manufacturer wants to play ball, weather its a name brand or generic manufacturer, they have to abide by the PBM’s rules. The PBM’s rules are, whatever is done regarding what goes on formulary, we (The PBM’s) have to make a profit
or the drug is not going on formulary! PBM’s have their “Take it (as we present it)or leave it attitude! PBM’s don’t care
about the patient, their client, or the government. Their loyalty is to their pocket and how much money they can make.
Why would a PBM construct a formulary where only the brand name drug that cost $150 be covered and the same drug in generic form that cost $10 not be covered? It’s all for the PBM’s greed to steal those drug rebates. Yet everything is a secret. We need the PBM’s to be 100% transparent, (Yea right!) and we need legislation to govern the
PBM’s that handle billions of dollars of Americans drug benefits to take responsibility for the whereabouts of that money. DOJ never saw that they were allowing the wolf to watch the henhouse? Did they think the PBM’s were
alter boys that would never look for the loopholes they found in Obama care? Well the PBM’s did and they went to town with it. This criminal activity will never stop until our government sees the light.