By George Anderson
The General Accounting Office's (GAO) study on Pharmacy Benefit Managers (PBMs) got it wrong and the National Association of Chain Drug Stores (NACDS) isn't afraid to say so.
Craig Fuller, president and ceo, NACDS said in a released statement, "The GAO report ignores the reality that many public and private plans have been moving away from using PBMs because of the lack of transparency in their business operations. He added, "I am afraid that the GAO pulled the proverbial wool over it's own eyes by not taking a hard look at the schemes PBMs employ to benefit their financial interests."
PBMs have come under scrutiny, in part, because of concerns over conflicts of interest. The two largest PBMs, Medco Health Solutions and AdvancePCS, are profitable because of rebates and other fees received from pharmaceutical companies according to a report on the GAO study in today's New York Times.
Moderator's Comment: Is there a problem with the manner in which Pharmacy Benefit Managers (PBMs) do business? Are consumers better or worse off because of PBMs? [George Anderson - Moderator]