Medicare Part D transition (2006)
When Medicare Part D launched, private insurers and PBMs began managing drug benefits for seniors. Pharmacies had to accept PBM-set reimbursement rates to stay in network.
Independent pharmacies reported thinner margins and some closed or sold to chains.
PBMs gained lasting control over drug pricing and network access.
The same PBM reimbursement mechanism is at the center of HomeTown Pharmacy's closures.
