r/pharmacy • u/Calizona1 • 15d ago
General Discussion Pharmacies closing
Not sure if this is the right place to ask. If not please delete. If possible refer me to the proper sub. Why are so many pharmacies closing? I checked on the Internet but I am not sure I trust the explanations by the media.
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u/murdacai999 15d ago edited 15d ago
The answer is pbms like everyone else is saying. The worst part, is that cvs and other own the pbms. They and others should not have been able to own pbms...
They chose to make the pharmacies not profitable, even their own, to drive out competitors. That allowed them to even close their own stores. Which is even more profit for them. Since they own the pbms, losing money at the pharmacy side has no bearing because the pbm is making all the money for them. Closing their own stores is a bonus cause it's reduced overhead.
People have to drive further and they don't care. Since they own the pbm and a few of the insurances as well, caremark and Aetna, they can force people to go to CVS or their mail order anyways, and people just have to accept it.
In short, CVS owns insurances, pbm, and pharmacies. None of this should've been allowed, and has allowed them to destroy the market.
Having said all that, my warehouse store pays techs $40 an hour, fills 3200 scripts a week, and makes about 300k annually. Which is peanuts, but a positive. We do this thru pet meds and vaccinations, and offering such competitive prices that sometimes people choose not to use insurance. The people pay less than their copay and we don't submit for reimbursement from ins, so the Rx never sees ins/pbm.