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PSA: PBM Shill Announcement

TL;DR - Working for the right PBM has many advantages, including compensation, job satisfaction, and career growth.

The Federal Trade Commission (FTC) is suing the big 3 Pharmacy Benefit Managers (PBMs) for “artificially inflating insulin drug prices”. This prompted the American Pharmacists Association (APhA) to put out a statement commending the FTC’s case. That statement caused a lot of swirl and emotion from pharmacists on X (formerly Twitter). Well known retail pharmacist accounts, HokiePharm and The Angry Pharmacist, criticized the APhA for collecting money from PBMs. A few academic pharmacists, who are seemingly members of the APhA, clapped back trying to man-splain the organization’s support of pharmacists. The online debate was eventually settled by TikTok’s favorite doctor who ruled in favor of the retail pharmacists.

Conversations like these are part of a larger public storyline of increased scrutiny and negative sentiment towards PBMs. Many people, including billionaire Mark Cuban, are loudly calling for PBM reform and unwinding the vertical integration of healthcare’s biggest companies. Putting the drama on hold, let’s talk about how the current market structure can be beneficial for pharmacists to advance their careers.

If you pay attention to social media channels, you’ll notice a lot of retail pharmacists discouraging other pharmacists from taking jobs at a PBM. Or talking themselves out of potential job opportunities.

Additionally, those who are considering PBM jobs, are often hesitant because the misconception of less compensation compared to retail. Last month’s newsletter addressed the misconception but did not add PBM roles to the comparison. Spoiler Alert: PBM pharmacists also fits last month’s theme of higher wages and job satisfaction than retail.

Another benefit of working for a PBM, multiple departments requiring pharmacists’ knowledge and skills. The company structure of a PBM and cross collaboration, provides many opportunities to transfer between departments. Each department typically has individual contributor, managerial, and executive leadership positions.

It is important to look beyond the headlines criticizing the PBM industry. Not all PBMs are created equal. The big boys operate much differently than the smaller, more transparent, better intentioned PBMs. Working for the right PBM has many advantages, including compensation, job satisfaction, and career growth. Don't overlook the possibilities a PBM position might offer, it could change your career for the better.

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