Joseph Shields Talks about Recent Suits Against Employers | PBMI 2024
Joseph Shields of TransparencyRx predicts there will be more lawsuits against self-funded employers alleging they’ve mismanaged prescription drug benefits through PBMs.
Recent legal developments have also put PBMs under scrutiny. During an interview ahead of the annual meeting of the Pharmacy Benefit Management Institute, Joseph Shields, managing director of TransparencyRx, provided insights into the ongoing lawsuits against major corporations like Johnson & Johnson and Wells Fargo for noncompliance with the Consolidated Appropriations Act of 2021, which amended ERISA to require greater transparency around prescription drug and healthcare spending.
He predicts we will see more lawsuits against large, self-funded employers that allege companies breached their fiduciary duty for the mismanagement of prescription drug benefits through a PBM. Shields suggested that these legal developments could signal a turning point, leading to greater accountability for PBMs and employers.
Shields underscored the urgency of PBM reform and the critical need for greater transparency in the healthcare market.
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