As Rite Aid locations begin to close, local pharmacies across the country struggle
(WHTM) — The economic troubles at Rite Aid have been well-documented, as locations here and nationwide are closing. Many local independent pharmacies are struggling, as well.
Another day, another pharmacy closing. It is happening nationwide, and leaving communities with fewer and fewer local pharmacies. Are there any solutions?
It's a tough time at the Newport Drug Center, as employees say goodbye to longtime customers. This 100-year-old store posted on Facebook that it is the latest pharmacy to close.
'Everybody's sad,' said co-owner Randy Lange. 'All the customers are telling us how they are going to miss us, how they love it here.'
Lange says he's been squeezed out by insurance companies and benefits managers.
'We are out of control of our own pricing,' said Lange. 'They can lower it down to whatever they want, and in the last year, they lowered it down below the actual cost.'
It's a national trend: thousands of pharmacies across the country say it's become too tough to make a profit, and they have been forced to close their doors. Kris Krese of the National Association of chain drug stores says benefit managers, middlemen essentially, are supposed to lower costs for consumers, but he says the fees they charge pharmacies have skyrocketed.
'When you look at the PBMs, they're profits, or I should say their revenues, have doubled for the past two decades,' said Krese.
A proposed bill in Congress, sponsored by both Democrats and Republicans, would regulate PBMs and help small drug stores. But here, help would be too late, frustrating longtime customers like Bev Holiday.'They mean so much to us, and it was a sad note yesterday when we heard that.'What you can do is support your local pharmacy, if you still have one, which could help them stay in business. That way, you don't waste your money.
Find more stories on DontWasteYourMoney.com.
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