⚠️Medicare Overpaying Billions on Prescription Drugs
A pharmacist has revealed that the cancer drug Imatinib, which costs just $7 to purchase, is sold to patients for $17 with a small markup. However, when Medicare covers the same drug, it pays $2,400 per prescription.
In one year, Medicare filled 250,000 prescriptions of Imatinib, costing taxpayers $600 million. If filled at a regular pharmacy, the total cost would have been $4 million, meaning Medicare overpaid by $596 million.
The inflated pricing stems from Pharmacy Benefits Managers (PBMs)—three companies that control over 90% of prescription pricing in the U.S. and are owned by major pharmaceutical corporations. These middlemen dictate drug prices, leading to massive taxpayer-funded overpayments.
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Yah, something definitely not right with ALL that! Anyone else have the Part D Medicare prescription plan, separate from the Advantage Plan? I was taking Nexium before there was a generic available and it was costing me $116 for a 90 day supply…..then when the generic came out, I switched to it, but still had to pay $116 even though the cost to Medicare had dropped significantly! I took my Rx to Costco and their price dropped my cost to $69 for the same drug, same amount! Then, better yet, along comes GoodRx and they even beat Costco price….now paying $28:99! Not sure how they do it…….cut out that “middle man.” The price fluctuates between Costco and GoodRx, but not much! Somebody is getting rich through Medicare but it is definitely NOT the doctors……what Medicare pays them is pathetic…..no wonder so many of them don’t take Medicare patients! Costco prices are good and they will use the GoodRx also……..i’ve seen another one like GoodRx advertised lately too!
