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Disrupting the Consultant-PBM Loop: Bringing True Fiduciary Duty to Pharmacy Benefits, with Mark Mincy
In this episode of Disruption/Interruption, host KJ interviews Mark Mincy, Chief Commercial Officer at US RX Care, about the hidden complexities and conflicts of interest in the pharmacy benefits industry. Mark shares how his company is disrupting the status quo by demanding transparency, eliminating conflicts, and helping employers reclaim millions in savings. The conversation uncovers the tangled web of PBMs, rebates, and the urgent need for legislative and technological change.
Key Takeaways:
- The PBM System is Riddled with Conflicts of Interest [2:34]
Mark explains how pharmacy benefit managers (PBMs) and consultants often act in their own financial interest, not the employer’s or patient’s, leading to inflated drug costs. - Rebates and Purchasing Contributions Inflate Drug Prices [8:59]
The system of rebates and retrospective payments to PBMs can account for up to 80% of a drug’s cost, forcing manufacturers to raise prices and employers to pay more. - Transparency and Fiduciary Duty are Essential for Reform [21:37]
Mark’s company, US RX Care, operates with complete transparency, passes back all rebates, and offers per-member-per-month guarantees to eliminate guesswork and conflicts. - Employers and Consumers Can Take Action [33:34]
Mark recommends joining healthcare purchaser coalitions, hiring ERISA attorneys, and demanding non-conflicted consultants to protect interests and drive industry change.
Quote of the Show [31:27]:
"Everything's intertwined. You want to move and do the right thing. These employers are between a rock and a hard place, so I do think some legislative action needs to occur." – Mark Mincy
Join our Anti-PR newsletter where we’re keeping a watchful and clever eye on PR trends, PR fails, and interesting news in tech so you don't have to. You're welcome.
Want PR that actually matters? Get 30 minutes of expert advice in a fast-paced, zero-nonsense session from Karla Jo Helms, a veteran Crisis PR and Anti-PR Strategist who knows how to tell your story in the best possible light and get the exposure you need to disrupt your industry. Click here to book your call: https://info.jotopr.com/free-anti-pr-eval
Ways to connect with Mark Mincy:
LinkedIn: http://www.linkedin.com/in/mark-mincy-a185497
Company Website: https://us-rxcare.com
How to get more Disruption/Interruption:
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Apple Podcast - https://podcasts.apple.com/us/podcast/disruption-interruption/id1581985755
Spotify - https://open.spotify.com/show/6yGSwcSp8J354awJkCmJlD?si=22332d4cd4ef4e41
See omnystudio.com/listener for privacy information.
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By JoTo PR
5
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In this episode of Disruption/Interruption, host KJ interviews Mark Mincy, Chief Commercial Officer at US RX Care, about the hidden complexities and conflicts of interest in the pharmacy benefits industry. Mark shares how his company is disrupting the status quo by demanding transparency, eliminating conflicts, and helping employers reclaim millions in savings. The conversation uncovers the tangled web of PBMs, rebates, and the urgent need for legislative and technological change.
Key Takeaways:
- The PBM System is Riddled with Conflicts of Interest [2:34]
Mark explains how pharmacy benefit managers (PBMs) and consultants often act in their own financial interest, not the employer’s or patient’s, leading to inflated drug costs. - Rebates and Purchasing Contributions Inflate Drug Prices [8:59]
The system of rebates and retrospective payments to PBMs can account for up to 80% of a drug’s cost, forcing manufacturers to raise prices and employers to pay more. - Transparency and Fiduciary Duty are Essential for Reform [21:37]
Mark’s company, US RX Care, operates with complete transparency, passes back all rebates, and offers per-member-per-month guarantees to eliminate guesswork and conflicts. - Employers and Consumers Can Take Action [33:34]
Mark recommends joining healthcare purchaser coalitions, hiring ERISA attorneys, and demanding non-conflicted consultants to protect interests and drive industry change.
Quote of the Show [31:27]:
"Everything's intertwined. You want to move and do the right thing. These employers are between a rock and a hard place, so I do think some legislative action needs to occur." – Mark Mincy
Join our Anti-PR newsletter where we’re keeping a watchful and clever eye on PR trends, PR fails, and interesting news in tech so you don't have to. You're welcome.
Want PR that actually matters? Get 30 minutes of expert advice in a fast-paced, zero-nonsense session from Karla Jo Helms, a veteran Crisis PR and Anti-PR Strategist who knows how to tell your story in the best possible light and get the exposure you need to disrupt your industry. Click here to book your call: https://info.jotopr.com/free-anti-pr-eval
Ways to connect with Mark Mincy:
LinkedIn: http://www.linkedin.com/in/mark-mincy-a185497
Company Website: https://us-rxcare.com
How to get more Disruption/Interruption:
Amazon Music - https://music.amazon.com/podcasts/eccda84d-4d5b-4c52-ba54-7fd8af3cbe87/disruption-interruption
Apple Podcast - https://podcasts.apple.com/us/podcast/disruption-interruption/id1581985755
Spotify - https://open.spotify.com/show/6yGSwcSp8J354awJkCmJlD?si=22332d4cd4ef4e41
See omnystudio.com/listener for privacy information.