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Shane Reeves is CEO at TwelveStone Health Partners, and state senator for Tennessee s 14th district.
Initially responsible for processing prescription drug claims and creating networks of pharmacies, pharmacy benefits managers, PBMs, have significantly grown in size and influence in recent decades.
Currently, only three PBMs control 80% of the marketplace covering 230 million Americans. Through spread pricing, rebates from pharmaceutical manufacturers, and patient steering, PBMs have reaped enormous profits as near-monopolies, while patients are left with drug prices that grow continually more expensive.
As a pharmacist, chief executive of TwelveStone Health Partners, and state senator, I have witnessed firsthand the negative impact on patients caused by modern PBMs.