Pharmacy Benefit Managers appear to be the driving force behind higher prescription drug prices.
During a presentation to the Elkton Rotary Club last week, Weather’s Drugs Owner and Pharmacist Lance Mansfield said PBMs were created decades ago when insurance companies decided to start covering prescriptions.
He added that PBMs were created to ensure you were paying one price for prescriptions and not receiving refunds for having to pay more on every return pharmacy visit.
Over time, the largest PBMs began merging with huge pharmacy chains and insurance companies, leading to muddied waters when it came to those services.
While legislation on the federal level to try and reign in PBMs has always failed, Mansfield said House Bill 188 making its way through the Kentucky legislature would help his business.
If approved, HB 188 would take effect on January 1, 2025. Weather’s Drugs is located on the square in Elkton.
