Buffalo, N.Y. (WBEN) – Local pharmacists are fighting the monopolization of the pharmaceutical industry, which has led to a number of local pharmacies across the nation to close over the years.
A number of local pharmacists gathered Friday outside one of the lone remaining Rite Aids open in Western New York, on Niagara Street in the City of Buffalo, to go after Pharmacy Benefit Managers (PBMs) that are setting unfair prescription reimbursement rates.
“They take 60% of the pharmaceutical dollar. 60% of the pharmaceutical dollar goes to the middleman, who provides no value,” said Stephen Giroux, president and CEO of seven independent pharmacies in Western New York. “They process claims, they process rebates from the pharmaceutical manufacturers. They provide no value, and yet they’re unregulated and very opaque.”…