Pharmacy Benefit Dimensions Joins TransparencyRx
Advancing drug affordability and equity through transparency
BUFFALO, N.Y. – December 11, 2023 – Deeply rooted in the idea of true transparency, Pharmacy Benefit Dimensions (PBD) has joined forces with a number of like-minded pharmacy benefit managers (PBMs) in order to promote sound drug policy and fix the pitfalls of the current drug pricing system.
TransparencyRx (“TRx”), a not-for-profit advocacy group established in September of 2023, brings together a coalition of industry experts that represent nearly 15 million individuals across all 50 states. With a goal of reducing costs and sharing savings, TRx champions sensible, meaningful, and impactful changes that will advance affordability in healthcare. PBD’s value-based approach, paired with a variety of transparent cost-savings programs, make us an excellent fit for TRx’s mission.
The word “transparency” is often misused in our industry, being manipulated to help shield aggressive spread pricing, hidden fee structures, and other warped incentives that negatively impact the plans’ bottom line. Recently, legislation has been proposed to close the loopholes that allow for these deceptive practices and improve drug costs and access. PBD has proactively engaged the legislative process, contributing case studies, facts, and opinions on upcoming legal and regulatory matters to our state and federal governments. We feel it is our duty, together with TRx, to provide a loud and clear voice to those lawmakers who could shape the way we do business in the future. Through this partnership, we will leverage our combined successes and experiences in the PBM industry to increase clarity and better inform and engage clients and their members.
“As a truly transparent PBM, we are eager to collaborate with others that prioritize unambiguous, value-based pharmacy benefit management,” said Pharmacy Benefit Dimensions President Lynne Reilly. “Our efforts are focused on meaningful initiatives that promote transparency through regulation and provide guardianship to our clients and their members.”
The need for true transparency has amplified as the healthcare industry - and pharmacy benefits in particular - continues to evolve. Through the formation of innovative, solution-oriented coalitions such as TransparencyRx, we expect greater opportunities for our clients to make more informed and financially manageable decisions.
