ALEXANDRIA, Va., Aug. 14, 2015 /PRNewswire-USNewswire/ -- The National Community Pharmacists Association (NCPA) CEO B. Douglas Hoey, RPh, MBA, issued the following statement today to champion a generic drug pricing transparency law enacted in Arkansas and to condemn a lawsuit filed on behalf of pharmacy benefit manager (PBM) corporations to attempt to overturn the common-sense law:
"Arkansas policymakers enacted a bipartisan law to bring more transparency to the generic drug pricing and reimbursement process. The staunch opposition of PBM corporations to more openness and disclosure is motivated purely by the desire to cling to windfall profits, plain and simple.
"The costs for many generic prescription drugs continue to increase dramatically and this shameful lawsuit is indicative of how desperate PBM corporations are to fight any attempt to increase transparency into how they determine pricing and reimbursement for such medications.
"PBM corporations are simply denying reality when it comes to generic drug price spikes that are well documented by the media, Congress and others. Drug costs can surge virtually overnight, yet PBM corporations may wait a month or longer to update reimbursement rates, leaving community pharmacies with losses of $100 or more on prescriptions and jeopardizing patient access to medication. Moreover, the lack of transparency allows PBM corporations to overcharge employers, the government and other plan sponsors by paying community pharmacies below cost and charging plan sponsors the going market rate."
The National Community Pharmacists Association (NCPA®) represents the interests of America's community pharmacists, including the owners of nearly 23,000 independent community pharmacies. Together they represent an $88.8 billion health care marketplace, dispense nearly 40% of all retail prescriptions, and employ more than 300,000 individuals, including over 62,000 pharmacists. To learn more, go to www.ncpanet.org, visit facebook.com/commpharmacy, or follow NCPA on Twitter @Commpharmacy.
SOURCE National Community Pharmacists Association