A pharmaceutical worker examines drugs at a dispensary. (Photo: i viewfinder, via Shutterstock)
The PBMs originated in the 1960s to help health plans, self-insured employers and government entities, among others, to negotiate prescription drug prices and efficiently distribute medications. Since then, they have evolved into a money-making industry without regulations, experts say. By one estimate, three major PBM companies had a staggering $270 billion in revenues in 2014.
Millions of Californians receive quality health care thanks to the Affordable Care Act and Medi-Cal. And though most would probably thank President Obama or the Governor for that, Peter Harbage, who passed away Tuesday at age 43, after a courageous fight with cancer, had a lot to do with it too. “Peter is the unsung architect of health care reform in the United States,” says Anthony Wright, Executive Director of Health Access, a health care consumer advocacy group.