You may have seen the New York Times online article last week that was critical of some of the practices of the PBM industry, including reimbursement arrangements with independent pharmacies. Prime Therapeutics (Prime) was not mentioned in this piece. This is the second story in a series shining a spotlight on PBMs. The first article previously ran in June, and we expect a third article in the coming weeks. 

Reimagining pharmacy solutions 
Prime’s position in the market is unique. First, our purpose is to reimagine pharmacy to provide the same care we would want for our loved ones. This guiding principle drives the work we do, and how we serve clients and members every day. Being a privately held company owned by mission driven partners, we place purpose beyond our profits, which allows us to focus on the best long-term solutions.

Additionally, our conflict free approach is distinctive from others in our industry. We are not incentivized to direct members to owned assets. Instead, we work with many pharmacies and distribution channels to help those we serve choose the best path for their needs allowing for a more seamless health care journey.

Advocating for ways to drive savings
We firmly believe pharmacies deserve fair reimbursement, taking into account the access, experience and services they provide to members and competitive cost considerations for our plans. But we also want to acknowledge there are other seismic changes happening in the retail world impacting pharmacy closures – such as rising rents and operating costs for brick-and-mortar stores, changing consumer preferences driving purchasing habits away from physical retail stores to online shopping, and an oversaturated pharmacy market. Prime will continue to advocate for ways to drive savings for our plans by making medications more affordable and accessible for clients and members. 

Opportunities to create a new standard 
Prime has a valuable opportunity to create a new standard in the industry. We’re committed to building the pharmacy solutions company of the future by leveraging our strong foundation, adapting to the evolving market and reimagining the way pharmacy services are provided for all those we serve. 

As Prime anticipates ongoing conversations resulting from this article, and the series, we will continue to monitor the topic and provide additional updates as necessary.