Thirty-two percent of independent pharmacy owners plan to shutter their businesses by the end of 2024, according to a February survey.
Local pharmacies are facing a plethora of headwinds, including dwindling reimbursements and struggles with pharmacy benefit managers, the National Community Pharmacists Association said Feb. 27.
On Jan. 1, CMS enacted a rule for payers and PBMs to apply all price concessions, or direct and indirect remuneration fees, at point of sale. In a survey of 815 independent pharmacy owners, 99% said prescription reimbursements have fallen.
Because of the lower reimbursements, 93% of respondents said they would consider dropping out of Medicare Part D in 2025 if this trend continues.
A pharmacy closed nearly every day in 2023, according to the NCPA, which is asking CMS for help.