Pharmacy benefit managers benefit Floridians

Representative Jackie Toledo’s guest column about pharmacy benefit managers (PBMs) is riddled with errors that fly in the face of reality. CVS Health’s PBM is extensively regulated at the state and federal level by more than two dozen agencies. Large employers, small businesses, labor unions, Medicare, Medicaid and state and federal employee benefit plans all hire CVS Health’s PBM because they know we create more competition among all pharmacies, which drives down prescription drug costs for working families and seniors.

Florida’s independent pharmacies are thriving. As part of a 23,000-strong nationwide network representing a $76 billion industry, independent pharmacies enjoy gross profit margins averaging 22% to 24% and expansions continue. From 2010-2019, the number of Florida independent pharmacies grew by 32%, for a total of 1,541 drugstores.

Despite this enviable record, Florida’s independent pharmacies want to rewrite the state’s Medicaid law and put taxpayers on the hook for $100 million in higher pharmacy reimbursements. Other proposals would enrich independent pharmacists but make it harder for Florida’s employers to offer affordable health benefits, including prescription drug coverage. Floridians deserve better.

Phillip J. Blando, senior director of corporate communications, CVS Health