Well, thank you, Mr. Collins. As you know, you and I served together and had a great relationship there in Georgia, where Democrats and Republicans worked together to balance the budget and solve the problems, and I sure wish we could get…
Well, thank you, Mr. Collins. As you know, you and I served together and had a great relationship there in Georgia, where Democrats and Republicans worked together to balance the budget and solve the problems, and I sure wish we could get to that up here.
Tonight, we are here to talk about an issue that affects us all as well, and that is transparency in pharmacy pricing and highlighting the need for our rural pharmacist, our community pharmacist, and the challenges that they face with Medicare Part D programs.
Just recently, I met with a pharmacist from my district, Mr. Daryl Reynolds; and like many other pharmacists from the Eighth District, he runs a small store and has been hurt by the lack of transparency and pricing. Ultimately, that hurts his patients because it makes it hard for him to stay in business.
While the big pharmacy chains want to operate in the metropolitan areas--and that is wonderful--we in the rural parts of the country need our rural and community pharmacists, and pharmacists like Daryl are a vital component of our national health care system, for those of us who live great distances from the metropolitan areas.
They know us by name. They know our drug interactions. They are able to work with us and our physicians. They make sure that we are taken care of and that we are taking the right medications for the problems that we may have.
In order to continue these relationships, we need to make sure that the Medicare Part D plans that they work through to help our seniors have the pricing transparency with pharmacy benefit managers.
In many cases, our community pharmacists--because of the way the pharmacy benefit managers operate--are reimbursed at less than what the drug actually costs the small community pharmacy. These contracts are nonnegotiable. They are vague and opaque, and most of the time, it puts a small community independent businessman up against a multibillion dollar company.
These PBMs and their maximum allowable cost prices, they don't update them when the prices go up, and that leaves the pharmacist paying more, again, for the drug than they actually get reimbursed for the drug, and these are the pricing practices that need to be fixed for our community pharmacists.
I am here tonight with my colleague from Georgia (Mr. Collins) to bring light to this issue. CMS recently proposed rules that would take an important step in addressing this need for generic drug pricing transparency.
How can transparency be a bad thing for Medicare Part D? The rule simply requires that Medicare Part D sponsors should agree in, their contracts with CMS, to update the prices in a timely manner to reflect the current market price.
In rural districts like mine, access to a community pharmacist is critical for people to receive the medications they need. It is imperative for the health and wellness of our rural communities.
I want to commend you, Mr. Collins, for your legislation. I look forward to working with you to pass that and thank you for being here tonight on behalf of community pharmacists.