Mark Cuban just told the Senate our drug system is a scam run by middlemen no one voted for

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MARK CUBAN EXPOSES PBM SCAM COSTING PATIENTS BILLIONS BEFORE SENATE

Mark Cuban just testified before the Senate explaining how Pharmacy Benefit Managers are a bigger monopoly than Amazon, controlling drug access for 270 million Americans while driving prices up, not down:

“PBMs auction off access to their formularies to the highest bidders.

Drug companies pay rebates and fees so their drugs can be covered.

The higher the list price, the more money PBMs make.”

A $600 drug costs the manufacturer $240 after rebates.

Uninsured patients pay $600. Insured patients with deductibles also pay $600.

The PBM pockets the difference.

Cuban’s solution: count cash payments toward deductibles, base out-of-pocket costs on net price, separate formularies from PBMs, and end specialty tiers.

The U.S. is the only country using PBMs.

That’s why we have the world’s highest drug prices.

Source: CSPAN,
@mcuban