We have to accelerate pharmacy benefit manager reform right now. Here’s why
The article discusses the urgent need for reform in the pharmacy benefit manager (PBM) industry following the tragic death of Cole Schmidtknecht, who could not afford his asthma medication due to a formulary change. It highlights the lack of transparency in PBM practices and the financial burden they place on families and employers. Recent bipartisan efforts in Congress aim to increase transparency and reduce costs associated with PBMs, but advocates stress that more needs to be done to protect patients.
- ▪Cole Schmidtknecht died after being unable to afford his asthma medication due to a PBM formulary change.
- ▪PBMs are implicated in rising drug costs, with investigations revealing significant markups on specialty drugs.
- ▪Recent bipartisan legislation aims to reform PBM practices and increase transparency in the healthcare system.
Opening excerpt (first ~120 words) tap to expand
When 22-year-old Cole Schmidtknecht walked up to the pharmacy counter, he learned his Advair Diskus inhaler had jumped from under $70 to over $500. He walked away without the medicine. Within a week, he suffered a severe asthma attack and went into cardiac arrest. He died on Jan. 21, 2024. Recommended Stories This Trump policy could slow cancer cures worldwide Aging out of foster care shouldn’t mean losing your future Trump’s ‘yes men’ are driving Republicans toward disaster A young man was caught in a healthcare system where no one asked, “What happens to the patient?” OPINION: THE PSYCHEDELIC IBOGAINE HELPED ME HEAL AFTER COMBAT Cole’s family alleges that a pharmacy benefit manager formulary change caused the inhaler he relied on to become unaffordable. No one communicated it.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Washington Examiner.
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