This trend isn’t limited to Walgreens. CVS, Rite Aid, and other major chains are also grappling with the financial strain caused by falling reimbursement rates for prescription drugs. The pharmacy industry depends heavily on filling prescriptions for revenue, but lower reimbursement rates from pharmacy benefit managers (PBMs) are squeezing profits.
The Role of Pharmacy Benefit Managers (PBMs)
One of the biggest challenges facing pharmacies today is the role of PBMs. These intermediaries negotiate drug prices between pharmacies, insurers, and manufacturers. While PBMs argue that they help keep drug prices down, pharmacies claim that PBMs are reducing their reimbursement rates, making it harder to turn a profit.
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