Unlocking the Secrets of Virginia's 340B Program: Insights on PBMs and MFN from BlackDoctor's Policy Hub Luncheon

The BlackDoctor Policy Hub initiated its enlightening Lunch and Learn series with a pivotal discussion surrounding intricate yet crucial healthcare policies: the 340B Program, Pharmacy Benefit Managers (PBMs), and Most Favored Nation (MFN) policies. Guided by BDO’s Executive Editor Jade Curtis, this event brought together key stakeholders and healthcare professionals to evaluate how these policies affect medical costs, restrict access to essential medications, and influence communities across Virginia. Virginia BIO's CEO, John Newby, shared the origins of the 340B program established in 1992, aimed at allowing safety-net hospitals to purchase medications at significant discounts, thereby improving care for vulnerable populations. He raised concerns, however, about insufficient oversight that often prevents these savings from benefiting patients directly. Newby also criticized MFN policies for linking U.S. drug prices to those of wealthier nations, warning that this could hinder innovation and limit patient access. Additionally, he identified PBMs as profit-centric entities contributing to higher drug costs. Dr. Harry Gewanter, President of the Virginia Society of Rheumatology, remarked on the 340B program's deviation from its original intent, noting that 67% of Virginia hospitals participating provide below-average charity care. He emphasized the urgent need for substantial reforms to foster accountability and transparency. Both experts underlined...