Health insurance companies and Pharmacy Benefit Managers (PBMs) negotiate significant rebates on the costs of medicine for themselves, however these savings are not shared with the patients who need the medications.
Thanks to Oklahoma State Senator Greg McCortney and Representative Marcus McEntire, they are championing the effort with an impressive solution to share the savings with Oklahomans who desperately need them. SB 1324 and HB 4087 will require PBMs and insurers to share the discounts and rebates with patients.
Far too often, what a patient pays for their medication is significantly more than what the insurance company actually paid for the same medicine. What is surprising, the excess that the patient pays is going directly to the PBM and insurer who likely own one another. No question, the system needs repair. The Tulsa World reported, the top 3 pharmacy benefit managers control 75%-80% of the U.S. drug market and they are driving up the list prices of drugs by demanding rebates on the back end.
As it stands, Oklahomans with chronic conditions are paying double compared to the price insurers are paying for the same drug. This troubling shell game must come to an end. With 74% of Oklahoma voters supporting SB 1324 and HB 4087, we trust the Oklahoma legislature will put patients first to help save Oklahomans nearly $1000 annually.