Drug Channels delivers timely analysis and provocative opinions from Adam J. Fein, Ph.D., the country's foremost expert on pharmaceutical economics and the drug distribution system. Drug Channels reaches an engaged, loyal and growing audience of more than 100,000 subscribers and followers. Learn more...
For 2024, DCI estimates that total prescription dispensing revenues at retail, mail, long-term care, and specialty pharmacies reached $683 billion, up 9% from the 2023 figure. GLP-1 agonist drugs remained the most significant driver of prescription revenue at retail pharmacies, accounting for more than 80% of dispensing revenue growth for 2024.
The table below—one of 268 in our new report—cues up DCI's first look at the 15 largest organizations that battled for those revenues. For a sneak peek at the complete report, click here to download our free 30-page report overview (including key industry trends, What's New in this edition, the Table of Contents, and a List of Exhibits). We’re offering special discounted pricing if you order before March 31, 2025.
Today’s guest post is from Divya Iyer, SVP Go-to-Market (GTM) Strategy at GoodRx.
Divya argues that patient support programs (PSPs) struggle with awareness and accessibility, preventing patients from fully benefiting from the financial and educational resources available to them. Divya discusses how integrating digital solutions from GoodRx can enhance engagement, streamline access to therapy, and improve patient outcomes.
Last week, President Trump signed yet another executive order, this time promising to make healthcare pricing more transparent.
While this marks another federal push for disclosure, states have already been quite active in this space. Since 2017, 24 states have passed 38 laws targeting healthcare transparency, with a strong focus on unraveling the complex economics of pharmacy benefit managers (PBMs).
But has all this legislation actually provided clarity—or just more red tape?
Below, I analyze four state reports on manufacturers’ rebate and fee payments to PBMs. The findings are dispiriting: mandated disclosures have yielded little actionable, reliable data. Lawmakers got to pat themselves on the back for “transparency,” but the data tell a different story. Federal efforts haven’t been much better.
Dr. Adam J. Fein, president of Drug Channels Institute (DCI) and the author of Drug Channels, invites you to join him for DCI’s new live video webinar:
This page describes the event and explains how to purchase a registration. The webinar will be broadcast from the Drug Channels studio in beautiful downtown Philadelphia.
Join industry expert Adam J. Fein, Ph.D., for an exclusive deep dive into the latest trends, data, and strategies shaping the pharmacy benefit management (PBM) industry. Drawing from the brand-new 2025 Economic Report on U.S. Pharmacies and Pharmacy Benefit Managers, Dr. Fein will provide invaluable insights to help you and your team stay informed about this rapidly evolving market.
Dr. Fein will share his expert analysis on critical industry developments, including:
The competitive landscape of major PBMs, with exclusive market share data from DCI
Key business trends among leading PBMs and their impact on the market
PBMs’ expanding role in specialty pharmacy and how it’s reshaping the industry
Exclusive insights into the Federal Trade Commission’s interim reports and the future of its investigation
The evolving role of independent PBMs and their market positioning
How health-system-owned PBMs are changing the game
Fresh data on plan sponsors’ perspectives on their PBM partners
Key takeaways from PBMs’ 2025 commercial formularies
The latest shifts in PBM compensation models
The risks and rewards of PBM-affiliated private-label products and GPOs
Legislative and business implications of the 340B Drug Pricing Program
State and federal PBM regulations: What’s ahead?
Emerging controversies, challenges, and threats to watch in the industry
And much more!
As always, Dr. Fein will clearly distinguish his opinions and interpretations from the objective facts and data.
This 90-minute video webinar will feature a dedicated Q&A session, where attendees can unmute and engage directly with Dr. Fein. Don't miss this unique opportunity to gain actionable insights and have your burning questions answered in real time!
Register now to stay informed and ahead of the curve on the PBM industry!
PRICING OPTIONS
Take advantage of this exclusive educational opportunity for just $420 per viewing device. Once you register, you'll receive a unique Zoom access link within 24 hours—making it easy to add the event to your calendar and ensure you don’t miss out.
SPECIAL DISCOUNTS FOR GROUPS!
We understand that many professionals are working remotely, so we’re offering substantial savings for multiple registrations from the same organization:
Register multiple devices for as low as $295 each—a 30% discount!
Unlimited attendees can watch together at a single physical location (one registered device required).
Please contact Paula Fein (paula@drugchannels.net) to register a group for one fixed price.
Important Reminder: Each device at a single physical location must have its own registration. The webinar may not be recorded, streamed, or shared across different locations, devices, or sites.
Click here to order. All discounts will be automatically computed based on the number of registrations you enter in your cart. (You can reset the cart by entering 0 in the quantity field.)
Watch and listen via any device with a web browser (computer, iPad, iPhone/Android, etc.) There is no access via telephone.
We will use Zoom technology for this webinar. Every registrant will receive an email from Zoom with a link to watch the event. This link is unique to the registrant and can only be accessed once. We recommend that every registrant download the Zoom client software/app.
The day after the event, every registrant—whether they attended the live event or not—will receive an email from Zoom with information on how to access a video replay of the full event and download Dr. Fein's complete slide deck.
This event is part of The Drug Channels 2025 Video Webinar Series. If you already purchased access to the 2025 Drug Channels Video Webinar Series, then you should have received an email from Zoom with a link to access the April 4, 2025, event.
Organizations that purchased corporate access for The Drug Channels 2025 Video Webinar Series will receive a custom, branded signup link so employees can easily register. We will automatically refund payments from anyone at a company with corporate access who purchases a single registration using their corporate email account.
Each registration for a DCI webinar is valid for a single device at a single physical location. Each device at a physical location requires its own registration. Attendees are not permitted to record, stream, share, or project a DCI webinar to other sites or locations. Purchasers who violate this limitation by recording, streaming, sharing, or projecting a DCI webinar to other sites, devices, or locations will be liable for the full cost of all locations that viewed the webinar. DCI reserves the right to prohibit purchasers who violate our terms from attending future DCI webinars.
Today’s guest post comes from Scott Genone, Chief Product Officer at CareMetx.
Scott shares key findings from CareMetx’s recent survey of over 100 industry leaders. He explains how such advanced technologies as AI and machine learning will reshape patient services and improve the experience for both patients and healthcare providers.
On March 18, 2025, Drug Channels Institute will release The 2025 Economic Report on U.S. Pharmacies and Pharmacy Benefit Managers. This report—our sixteenth edition—remains the most comprehensive, fact-based tool for understanding the entire U.S. drug pricing, reimbursement, and dispensing system. This unique, encyclopedic resource is your ultimate guide to the complex web of interactions within U.S. prescription drug channels.
12 chapters, 500+ pages, 268 exhibits, nearly 1,200 endnotes: There is nothing else available that comes close to this valuable resource.
We are providing you with the opportunity to preorder this thoroughly updated, revised, and expanded 2025 edition at special discounted prices. This means that you can be among the first to access our new report. Those who preorder will receive a download link before March 18.
Winter—or at least February—is almost over. Celebrate the imminent return of spring with our selection of noteworthy news from around the drug channel. In this issue:
How Part D plan sponsors responded to pharmacy DIR changes
Troubling new data on copay accumulators in marketplace plans
DCI’s latest vertical integration visualization
How the IRA will hurt physician practices
Plus, cartoon cats explain the 340B Drug Pricing Program.
Today's guest post comes from Thomas Luby, Sr. Vice President, Business Development at PHIL.
Thomas discusses the challenges brands face as they manage gross-to-net (GTN) performance while simultaneously enhancing patient access and adherence. He lists the key performance indicators that can help brands improve GTN.
Abracadabra! Small pharmacies have ghosted Medicare Part D’s preferred networks—no farewell party, no breakup text, just a quiet exit.
A few months ago , DCI highlighted how the largest pharmacy chains are participating as preferred cost sharing pharmacies in the 2025 stand-alone prescription drug plan (PDP) networks. Today, we update our exclusive analysis of how smaller pharmacies are participating via their pharmacy services administrative organizations (PSAOs).
As you will see below, the largest PSAOs have almost fully abandoned PDPs’ preferred networks in 2025. Plans from Humana, WellCare, and UnitedHealthcare will again not have any independent pharmacies participating via PSAOs as preferred pharmacies.
Thanks to the Inflation Reduction Act (IRA), the PDP market is vanishing. Looks like the presence of smaller pharmacies in preferred networks will not be far behind.
Today’s guest post comes from Angie Franks, CEO at Kalderos
Angie describes the compliance challenges that stakeholders face in managing the complex interactions of the 340B Drug Pricing Program, the Medicaid Drug Rebate Program, and IRA’s Maximum Fair Price and inflation rebate provisions. She explains how clean, comprehensive claims data can resolve these issues.
Valentine’s Day is almost here! So, it’s time for our romantic review of plan sponsors’ sweetheart: the accumulators and maximizers that divert manufacturers’ copay support payments away from patients—and toward plans and PBMs.
As of late 2024, more than 40% of commercially insured lives were in plans that utilize a copay accumulator or a maximizer. Thanks to a potent combination of payer savings and PBM profits, maximizers are now more beloved than copay accumulators. Check out the data below.
DCI estimates that that plans and their vendors receive about $6.5 billion of manufacturers’ copayment support funds. Given the money at stake, plans will keep wooing this money away from patients. Will legislators let this love continue to bloom? Read on and let me know what you think.
Today’s guest post comes from Richard Faris, Chief Strategy & Growth Officer at PANTHERx Rare Pharmacy.
Richard outlines the key factors for commercialization success when a manufacturer launches treatments for rare and orphan diseases. He explains the key considerations for choosing a specialty pharmacy network design, selecting the right pharmacy partners, and establishing patient services HUBs.
ICYMI, the largest three pharmaceutical wholesalers—Cardinal Health, Cencora, and McKesson—are using vertical integration to build significant market positions in businesses beyond drug distribution.
In the video clip below, I review the vertical integration status of the largest three pharmaceutical wholesalers, illustrated in the chart below.
[Click to Enlarge]
I also:
Explain how wholesalers have strengthened their position in buy-and-bill channels for provider-administered drugs through vertical integration with their downstream customers.
Discuss how and why private equity roll-up activity has provided wholesalers with strategic opportunities to acquire ownership stakes in practice management companies.
Outline the market access implications for provider-administered biosimilars in the buy-and-bill market.
Informa Connect's Access USA March 18-20, 2025, Pre-Event Workshops on March 17
Drug Channels readers save 10%* on their registration with code 25AUSA10
Three events. One roof. The future of patient access.
There’s a lot to discuss, and Access USA is ready to deliver: policy updates, PBM reform, commercialization strategies and more!
Meet with hundreds of key stakeholders across the access landscape and benchmark with, learn from and network with leaders paving the way in patient access. Choose your preferred event and prepare to walk away inspired and armed with the knowledge necessary to drive change forward.
Which event is for you?
PAP 2025 Download Agenda This forum gathers experts to share strategies for program optimization, navigate policy change and adapt to market dynamics to transform patient outcomes and maximize medication access. Benchmark your PAP program against leaders in industry and explore best practices to empower patients, champion affordability and accelerate access.
Hub and Specialty Pharmacy Models Download Agenda As the patient services landscape undergoes massive transformation, unite with industry to talk hub optimization and sustainability. In a time where flexibility in your hub program is a must, ensure you have all the tools to remain agile in this fluctuating landscape. This event is your insider playbook to driving efficiency in hub operations for improved access and adherence.
Rare Disease Summit Download Agenda While the industry has seen heightened focus surrounding rare drug development, we’ve only scratched the surface. Connect with key stakeholders to drive therapeutic progress, propel commercial strategies and inspire impactful advocacy. Generate solution-focused approaches surrounding access, commercialization, funding, partnering and more, as you unify in areas of unmet medical need at this inspiring summit.
What attendees are saying:
"Excellent conference! Content is always up-to-date and relevant… I attend yearly and always learn about topics impacting our industry."
"Valuable insights related to access and coverage relative to the impact of government policies and regulations… a window into the critical factors that impact manufacturers, supporting vendors and patient advocacy organizations."
"This event was exactly what I needed... the ability to connect with others on a more granular level guarantees that you will have some much-needed takeaways to share as well as networking with industry leaders!"
*Cannot be combined with other offers or used toward a current registration. Other restrictions may apply.
The content of Sponsored Posts does not necessarily reflect the views of HMP Omnimedia, LLC, Drug Channels Institute, its parent company, or any of its employees. To find out how you can publish an event post on Drug Channels, please contact Paula Fein(paula@DrugChannels.net).
Before you overturn any cars, please enjoy this month’s playbook of articles, intercepted for you from the Drug Channels gridiron:
Touchdown! How Mark Cuban would quarterback the U.S. healthcare system
Trick Play: Patients and plans get sacked by a gross spending-to-net bubble
Defensive line: A comeback for pharmacy students
Offensive line: Apexus dances in the end zone, while a 340B hospital tackles a patient
Plus, Super Antonio runs downfield in the Mushroom Kingdom.
P.S. I recently passed 60,000 LinkedIn followers. If you haven’t done so already, follow along for my daily links to neat stuff along with thoughtful and provocative commentary from the DCI community.
Today’s guest post comes from Scott Genone, Chief Product Officer at CareMetx.
Scott shares key takaways from CareMetx’s recent survey of over 100 industry leaders. He outlines four trends that will define the future of patient services.
For 2025, the three largest pharmacy benefit managers (PBMs)—Caremark (CVS Health), Express Scripts (Cigna), and Optum Rx (United Health Group)—have again each excluded hundreds of drugs from their standard formularies. You can find our updated counting below.
As you’ll see below, the combination of formulary exclusion and private labels is creating an increasingly confusing and crowded biosimilar marketplace.
For 2025, the Big Three PBMs shifted national formularies to favor their private-label biosimilars over Humira and its many biosimilar competitors. In fact, nearly all marketed Humira biosimilars are excluded from the larger PBMs’ 2025 formularies. Meanwhile, Stelara—this year’s big pharmacy benefit biosimilar launch—remains on the PBMs’ formularies, but will share space with PBMs’ private label products.
Like it or not, PBMs’ financial benefits from their private-label product align with the benefits to plan sponsors and patients. But the PBMs’ strategies, combined with the warped incentives baked into the Inflation Reduction Act, raise questions about the viability of the biosimilar marketplace.
Drug Channels readers save 10% on their registration with code 25DC10
When it comes to patient affordability, it’s difficult to imagine a more complex time for our industry. Navigating policy updates, disarming AFPs, considering compliance risks – There are countless barriers to medication access and it remains our responsibility as an industry to ensure patients have access to the life-changing therapies they need.
How are we ensuring our programs are helping those who need it most? How does PAP 2025 help us reach this goal?
PAP 2025 will unite stakeholders from across the industry for vital collaboration focused on transforming patient outcomes. The experts are coming together to define best practices for PAP programs and answer top-of-mind questions for access professionals, including:
What can we do to catch, block and disarm AFPs?
How are we improving health equity to bridge the gaps in healthcare?
Are we effectively showcasing resources to empower patients?
What is the potential impact of the new administration on health policy?
Event highlights:
Customizable Content: Benefit from add-on workshops, dedicated tracks, breakout discussions and more to customize your experience and strategize on your specific needs.
Expert-Led Sessions: Uniting manufacturers, foundations, clinics and more, benchmark your program with leaders to see how you can improve your program to accelerate access.
Actionable Takeaways: Uncover tangible solutions for your organization to streamline programs, optimize operations and improve patient outcomes.
Networking: Robust networking opportunities with an expected 700+ access professionals to expand your network and establish powerful partnerships.
Featured speakers:
Judd Caulfield, Takeda Pharmaceuticals – Expert in healthcare policy, sharing insights on upcoming regulatory changes, IRA response and the impact on access programs.
Shanelle Gabriel, Starting Something Productions, Inc – Well-versed in advocacy work, sharing a powerful patient journey of resilience, creativity and the role of art in patient engagement.
Rachel Thorpe, Otsuka Patient Assistance Foundation – Thought-leader in PAP innovation, diving into methods for patient empowerment.
Liz Austin, Genentech – A veteran in patient assistance, discussing strategies to safeguard and preserve patient access amid the era of PBM reform.
Jacob Foster, Criminal Division, U.S. Department of Justice – On the front lines of policy changes and enforcement, sharing the most recent and impactful cases related to patient assistance and where they are heading next.
*Cannot be combined with other offers, promotions or applied to an existing registration. Other restrictions may apply.
The content of Sponsored Posts does not necessarily reflect the views of HMP Omnimedia, LLC, Drug Channels Institute, its parent company, or any of its employees. To find out how you can publish an event post on Drug Channels, please contact Paula Fein(paula@DrugChannels.net).
Today’s guest post is from Dorothy Gemmell, Chief Commercial Officer and President, Manufacturer Solutions, at GoodRx.
Dorothy highlights five trends to watch in 2025. She then describes how GoodRx's Cash Point-of-Sale Solution can help brands improve gross-to-net (GTN) while also making medications more affordable for patients.
During my recent Drug Channels Outlook 2025 video webinar, I tackled a wide range of crucial topics—including the controversial 340B Drug Pricing Program. As I explain in this video excerpt, we may finally see reform of this rapidly expanding program.
What’s more, implementing the Inflation Reduction Act will disrupt the current operations of the 340B program—and could shift program oversight from Health Resources and Services Administration to the Centers for Medicare & Medicaid Services.
The inaugural Drug Channels Leadership Forum (DCLF) is coming soon! This exclusive event will be held from March 17 to 19, 2025, at the Turnberry Resort and Spa in Miami.
Our first event will provide attendees with an opportunity to explore the most pressing strategic issues and crucial uncertainties that will impact all participants across U.S. drug channels.
Speakers and panelists include top industry executives and subject matter experts from throughout the drug channel. Registered attendees include senior executives from pharmaceutical manufacturers, pharmacy benefit managers, health systems, physician practices, pharmacies, wholesalers, and more.
View the full Drug Channels Leadership Forum agenda. It’s filled with senior industry executives who will participate in fireside chats with me as well as topical panel discussions moderated by a diverse set of subject matter experts.
Click here to request an invitation to attend. DCI will carefully review all submissions to include participants from a broad range of organizations. We are extending invitations on a rolling basis. Once you receive your invitation, you will have 15 business days to accept and complete the registration by paying the registration fee.
Please note that the DCLF is strictly limiting the number of attendees from technology companies, business services, financial firms, and other industry vendors. Vendors are only able to participate as part of a sponsorship. Click here to learn more about available sponsorship opportunities. There will be no exhibit hall and no media.
Everyone here at Drug Channels Institute (DCI) is excited to bring this novel event to the drug channels community. Visit the event website for more information on the registration process and our policies.
Below, I have reproduced our original press release. I hope you can join us!
It's time for Drug Channels’ annual examination of U.S. brand-name drug pricing.
For 2024, average brand-name drugs’ list prices grew by only 2.3%. What’s more, after adjusting for overall inflation, brand-name drug net prices dropped for an unprecedented seventh consecutive year. Details and additional commentary below.
As I predicted two years ago, the combined impact of changes to Medicaid rebates, the Inflation Reduction Act (IRA), and novel formulary access strategies have led multiple manufacturers to pop the gross-to-net bubble for high-list/high-rebate products. Consider the 18 products with list-price cuts shown below. Other drugmakers have reduced the rate of price increases, thereby inflating the bubble more slowly.
Employers, health plans, and pharmacy benefit managers (PBMs) determine the extent to which patients with insurance share in this ongoing deflation. But signs of change to the conventional approaches are undeniable.
New channel models—including smaller PBMs, cost-plus pharmacies, patient-paid discount card prescriptions, and manufacturers’ direct-to-patient businesses—are creating novel paths for drugs that can be sold without gross-to-net bubble distortions.
The bubble won’t vanish overnight. But for the first time in years, I can foresee a time when SpongeBob SquarePants will move on from Drug Channels.
