EDITORIAL: Bills would cost Oklahoma consumers
Prescription drug benefit managers (PBMs) use bulk-purchasing power to negotiate for lower drug prices. This is akin to the model used to provide low-priced goods to consumers by companies like Amazon and Walmart.
Senate Bill 841 and House Bill 2632 would make it much more difficult for PBMs to achieve drug savings for consumers by mandating that insurers use all pharmacies, even those that don't contract with the insurer. Supporters argue it's unfair some pharmacies currently are treated differently than others, but since when do we force people to buy products at a higher price when another provider will sell the same thing for less?
Also, if any pharmacy is guaranteed access to an insurance network, what's the incentive for any pharmacy to negotiate? That alone guarantees higher prices.
If you doubt it, look at the various fiscal impact statements for HB 2632. State officials warn that the bill will increase costs for government employees on the state insurance plan by
The legislation impacts state workers, but also the far larger group of people receiving insurance through an employer or those buying individual policies. It's estimated PBMs will save Oklahomans on employer plans roughly
The
It's easy to see why pharmacists like these bills, but for average Oklahomans, the legislation promises mostly to increase costs, encourage price-gouging and divert tax money away from things like schools. When that happens, it won't be insurance companies that are to blame, but the Legislature.
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