a 🧵 In prep 4 today's 1pm @SenateHELP hearing on making #insulin affordable.
On graph: list price is roughly = net price (what pharma collects) + "rebates"/fees collected by Pharmacy Benefit Managers (#PBM) .
3. If @SenateDems and @SenateGOP and @USCongress and @POTUS want to remedy the cost of Insulin and other drugs, hopefully they won't make the same mistake they did with the Inflation reduction act, "USA will NEVER solve the drug pricing problem without PBM reform – and instead… twitter.com/i/web/status/1…
5. The Senate might start with pointing out that what the #PBM collect are #KICKBACKS.
Why do we call them 'rebates'?
This Is from 2019
PBM and #GPO middlemen have an exclusive right to collect kickbacks and It's hurting #patients
"the kind of misinformation that leads to more school closings as well as burdensome mask and quarantine mandates." Thank you, @DrJBhattacharya 1/4 🧵 wsj.com/articles/the-w…
🧵Re baby formula #shortages: @PressSec us pediatricians cannot conjure up baby formula.
We will do whatever we can to help our patients but you and @POTUS need to own the colossal supply chain mess that now threatens babies.
🧵As a mom who breast fed all 3 for a year each, I can tell you that both establishing nursing and sustaining it is NOT easy. That first week was HARDER THAN INTERNSHIP.
We must give grace to those who cannot breastfeed, yet try to encourage it…
🧵As a pediatrician, I think there are too many advantages to breastfeeding. We must stop right now and promote and encourage our new moms to nurse when possible!
Mr. Scott of @pcmanet, the lobby group for #PBM has been called one of The Hill newspaper’s “Top Association Lobbyists” each year from 2015 to 2020.
Yesterday he spoke at the @FTC hearing on how mergers are affecting healthcare. Let's dissect what this lobbyist said 🧵1/6....
Scott of @pcmanet told @FTC that there were over 70 #PBM.
True, but from DrugChannels, we can see that SIX PBM control 95% of the prescription drug claims in the US
THAT is one WAAAAAY conslidated market! 🧵2/6
The lobbyist Scott of @pcmanet told @linakhanFTC that #PBM were the only players in the market that saved money on prescription drugs.
Whatever you are "doing " to "save 💵"
it ain't working.
Meanwhile #PBM and associated co are at the top of the fortune 500. 🤔 🧵3/6
@thedailybeast The Affordable Insulin Now Act “ does not lower the price of insulin by one penny,” said @LloydDoggettTX
He's right.
It's a cap on the copay only.
Americans, including the uninsured will STILL pay 800% more than they should for insulin and many other drugs.
🧵1/6
@thedailybeast@LloydDoggettTX 🧵2/6 👀who the profiteers are in the Insulin Cartel
Net price is approx what the big 3 manufacturers pull in.
List price= net price + 💵 #PBM make
PBM are responsible for lion's share of cost of insulin, which will not ⬇️ with this bill.
Uninsured will still pay 800% ⬆️ BOO!
Another way to look at the 🇺🇸 HC spend:
70% of physicians owned by a hospital or corporation
Hospital systems own many clinics
This makes hospital costs really important to examine.
Even though the last 2 US administrations have a rule on hospital price transparency, only 15% of hospitals are complying.
Rest are hiding their prices
If you are hiding something you must have sumptin to hide!