AMAC Action has been working for years to address the middleman money in the outpatient prescription drug supply chain. Why? Because the prices Americans pay for prescriptions are high in part due to middleman profiteering.
AMAC has lobbied Members of Congress and the Trump Administration on our own and in alliance with a coalition of physician and patient advocates to detail how these rebate relationships negatively impact the list cost of prescription drugs.
President Trump signed four Executive Orders on July 24th and one in particular will have a huge impact on the cost of prescription drugs for America’s seniors. He resurrected a policy involving the rebates pharmacy benefit managers (PBM) receive from drug manufacturers that his Administration considered last year.
His new Executive Order compels PBMs to share the approximately $30 billion they receive from pharmaceutical companies for Part D drugs with Medicare beneficiaries at the pharmacy counter to lower out-of-pocket medication expenses for seniors. The President said his Executive Order will result in a 30 percent reduction in drug costs for seniors.
AMAC members have consistently voiced their concern over the price they pay for prescription drugs. We have heard from many members who relate how the high cost of their medicines puts financial stress on them to cover life’s other expenses during their retirement years.
It is also worth noting that AMAC has been the only national member benefits organization representing millions of seniors whose advocacy affiliate is steadily highlighting the problems with these drug middleman-manufacturer relationships on Capitol Hill. The actions taken by President Trump and AMAC bring a healthy dose of reform to these relationships. They represent another kept promise to mature Americans by the Trump Administration and a perceptible step forward towards responsive health care reform that America’s seniors deserve.
You can read the rebate rule Executive Order here.