Big pharma doesn’t need more power
In our great state of Mississippi, we pride ourselves on community and resilience. Yet, like many states across the nation, our healthcare system faces numerous challenges.
A majority of Mississippi residents are deeply concerned about the rising costs of prescription drugs. Folks from Tupelo to Gulfport already stretch every dollar to cover their medication expenses. One in three have either chosen not to fill a prescription, split pills or missed doses because of these exorbitant prices.
It's imperative that our congressional representatives and the Mississippi legislature craft healthcare legislation with the genuine welfare of our communities at heart. They must remain vigilant against misleading proposals that drive up prescription costs for everyday Mississippians.
One such measure pushes for the regulation of pharmacy benefit managers (PBMs) under the guise that it will help control drug prices. What they don’t tell you is that such proposals — backed by Big Pharma — will increase drug costs for regular people from Biloxi to Tupelo.
Though the term PBMs might not ring familiar to many Mississippians, their role is pivotal in our healthcare landscape. In fact, nearly nine out of every 10 people with prescription drug benefits are part of a health plan that involves PBMs. So, what do they do?
Your employer or health insurance company contracts PBMs to negotiate the purchase of your prescription drugs. This means they're the ones wrestling with the big pharmaceutical companies to ensure you get the best price possible on your medications.
Seema Verma, the director of the Centers for Medicare and Medicaid Services from 2017-2020, acknowledged to Congress how crucial PBMs are, especially for our senior citizens. And she wasn’t just expressing gratitude without reason. A 2019 Government Accountability Office study highlighted the substantial cost reductions attributed to PBMs. For residents from Jackson to Hattiesburg, these savings directly impact our community's well-being.
Big Pharma has spent over a million dollars this year trying to tarnish PBMs’ good name in the press and in the halls of Congress because it doesn’t like that these groups save us so much money. This public relations crusade is selfish, misguided and dangerous.
While many Mississippians might not be tracking every move in Congress, members’ ploy to regulate PBMs would directly affect our wallets and our health.
The Coalition for Affordable Prescription Drugs recently released a study that found nearly 90% of employers believe PBMs help them create more affordable healthcare for their employees. Ninety-seven percent of the employers that work directly with PBMs also said they are satisfied with their services.
Every dollar that PBMs save a Mississippi resident means a dollar less in the coffers of these vast pharmaceutical entities. Congress shouldn’t regulate them. It should leave them alone.
The real congressional scrutiny should not be on PBMs but Big Pharma, which has significant control over drug purchase prices, not only in Mississippi but across the nation.
The path to affordable care is within our reach. Our state leaders, including Sens. Roger Wicker and Cindy Hyde-Smith, must resist pressures that could boost drug costs. PBMs serve as our first line of defense against these rising expenses.
— Charles Barbour is a former Hinds County Supervisor.
This article originally appeared on Mississippi Clarion Ledger: Big pharma doesn’t need more power
