Springfield: Restricting PBM Tools Will Raise Costs for Consumers, Employers + the State
Tuesday, May 4, 2021
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Employers in Illinois provide prescription drug coverage for nearly 6.7 million Illinoisans. In order to help keep care more affordable, employers work with pharmacy benefit managers (PBMs), who deploy a variety of tools to reduce prescription drug costs and help improve health outcomes. In addition to helping employers, PBMs also work with the Illinois Medicaid program in the same way to help control costs. Over the last five years, PBMs have saved the state and taxpayers nearly $340 million.
Today, Illinois faces a multibillion budget shortfall as more Illinoisans are relying on Medicaid to help meet their health care coverage needs. As legislators work to address these challenges, one way to help ensure continued cost savings is by strengthening the PBM tools that the State and employers use, which are poised to save employers, consumers and the State $39 billion over the next 10 years. These are meaningful savings that will help continue to contain costs, ensure consumer access to medicines and drive savings in public health programs.
Amid a pandemic and economic challenges, now is the time to strengthen, not limit, the tools that employers, consumers and the State rely on to manage costs and ensure consumers can access the medicines they need.