In this episode of The Benefit Whisperer, Ralph Weber and pharmacist Benjamin Jolley delve into the complexities of prescription drug costs, focusing on how employers can navigate pharmacy benefits management (PBM) to save money. They discuss the significant savings achieved by New Jersey, the impact of drug pricing strategies, and the legal implications for employers regarding PBM contracts. The conversation emphasizes the importance of employers being proactive in managing their pharmacy benefits to avoid costly pitfalls and ensure fair pricing for medications.
Chapters
00:00 Introduction to Prescription Drug Costs
03:25 Conclusion and Future Considerations
Why Are Prescription Drugs So Expensive? The Truth About PBMs, Spread Pricing & What Employers Can Do
In this eye-opening episode of The Benefit Whisperer, host Ralph Weber sits down with pharmacist and reform advocate Benjamin Jolley to expose the hidden forces behind America’s skyrocketing prescription drug costs. 💊
From shocking stories of $1,800 bills for $140 drugs to the disturbing influence of pharmacy benefit managers (PBMs) and their spread pricing schemes, this conversation breaks down complex systems with clarity—and urgency.
🔥 Highlights include:
Why the U.S. pays more for drugs than almost any other nation
How a New Jersey benefits plan saved $1 BILLION just by rewriting its contract
The dangerous power of vertically integrated PBMs like CVS Caremark
The recent bipartisan push by 39 state Attorneys General to break up monopolies
How employers and CFOs can protect themselves from being held personally liable
If you’re an employer, benefits administrator, policymaker—or just someone wondering why your prescriptions are so expensive—this is a must-watch.
📌 Chapters: 0:00 – Welcome + Prescription Drug Teaser 0:41 – Meet Benjamin Jolley 1:00 – Why Prescription Costs Are So High 4:00 – What Is Spread Pricing? (Shocking Example) 8:00 – Silencing Critics: Non-Disparagement and Audits 13:00 – What Should Employers Be Paying Per Member? 17:40 – 39 Attorneys General Demand PBM Reform 21:00 – New Jersey’s $1B Savings by Rewriting a PBM Contract 25:00 – Closing Thoughts + How to Reach Benjamin
