Latest news with #ABI
Yahoo
7 days ago
- Business
- Yahoo
Both sides urge Governor for action on PBM reform bill
DES MOINES, Iowa — Those arguing in favor and against the bill reforming Pharmacy Benefit Manager practices in Iowa are calling on the Governor for action. Pharmacy Benefit Managers (PBMs) are the middlemen between pharmacies and insurance companies. They determine the total drug costs for insurers, shape patients' access to medications, and determine how much pharmacies are paid. Pharmacists have supported this bill during the session because they say it will ensure they are paid at fair rates, resulting in them not having to close their doors. Last year was a historic year for pharmacy closures in Iowa, with another 30 of them. Many pharmacies told WHO 13 News this was the result of corrupt practices by PBMs, mainly not being reimbursed at fair rates. Pharmacists and pharmacy owners have advocated for similar reform legislation for the past three years, but were unsuccessful in getting it debated in the state senate. This year, the bill passed the legislature and now waits on the Governor's approval. However, when the bill was sent to the state's executive branch, key corporate players voiced their concerns and urged the Governor to veto the bill. This included companies like the Iowa Association of Business and Industry (ABI), the Iowa Bankers Association (IBA), the Iowa Business Council, and the National Federation of Independent Business (NFIB). They claimed the bill would negatively impact Iowans by costing them around $340 million annually. In a statement sent to WHO 13 News, the Iowa Association of Business and Industry shared how they reached their data: 'To determine the impact of this bill, we used data publicly available from the Centers for Medicare and Medicaid Services (CMS) and the National Average Drug Acquisition Cost (NADAC), along with the $10.68 dispensing fee in the bill. Here is a breakdown: The provision that contains the dispensing fee when paid to independent pharmacies and Iowa's largest pharmacy provider will cost $114,250,00 per year. Allowing any pharmacy to handle specialty drugs that require unique handling,, and administration eliminates the ability of employers to band together and get volume discounting on these drugs that now exists. This provision, which does not benefit small independent pharmacies will cost $135,750,000 per year. A provision that allows drug makers to provide copay assistance to drug purchasers pushes the costs from drug purchasers onto the health plans paid for by employee premiums. This provision does not benefit small independent pharmacies and will cost $66,250,00 per year. The bill contains a new process that allows pharmacies to change the reimbursement they get for drugs if they can show that their main wholesaler charges them more for a drug than had been established in the law. This provision will cost $23,500,000 per year. Taken together, these four provisions create $339,750,000 in new costs of pharmacy care in Iowa.' -Kelsey O'Connor, Marketing & Communications Director for the Iowa Association of Business and Industry However, several small independent pharmacies in Central Iowa have previously told WHO 13 News that this bill would help them because it would ban PBMs from paying pharmacies less money than it costs for the pharmacy to purchase drugs and distribute prescriptions. This includes pharmacies in Oskaloosa, Minden, Colfax, and Eagle Grove. They say this unfair reimbursement rate has been the primary cause of increasing pharmacy closures in Iowa. Brad Magg, the owner of the Spring City Pharmacy in Colfax, Iowa disagrees with the Iowa Association of Business and Industry. He said, 'Every state that's passed legislation like this has seen their health insurance cost and prescription drug cost decrease, so for them to keep saying these astronomical numbers for what it's going to cost, they're not true. And they keep changing. Every time they say numbers, they're different. The bill hasn't changed.' Magg said Spring City Pharmacy will be closed in six to eight weeks if the bill doesn't become law. The future of the bill is ultimately up to the state's executive branch. Governor Kim Reynolds has not indicated whether she will sign the bill into law or veto it. WHO 13 News has reached out to her office, but hasn't heard back. She has until June 11th to sign the bill. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Metro
24-05-2025
- Health
- Metro
Most expensive pet to insure revealed after claims hit record £1,200,000,000
Pet owners claimed a record £1.23 billion from insurance firms to help cover vets' bills for sick and injured animals last year. Dogs led the pack, making up £933 million in claims, followed by cats at £232 million, and £61 million for other pets. The 2024 total figure was 4% higher than the previous 12 months and marked the third straight year that total payouts by members of the Association of British Insurers (ABI) topped £1 billion. It said members received 1.8 million claims last year – amounting to nearly 5,000 every day. The ABI's data also indicates that a record 4.6 million pet owners took out insurance – a 3% increase since 2023 and a third (33%) higher than before the coronavirus pandemic in 2019. Many people acquired new pets during the coronavirus lockdowns. Two years ago, Metro's Deputy Editor Claie Wilson's three-year-old cat Nelly got run over and the vets bill went into the thousands. Thankfully, she says, her pet insurance covered it, as the alternative wasn't worth thinking about. 'When Nelly had her accident it was just awful. She went missing for hours and when she finally showed up, she was in a real mess,' remembers Claie. 'She had to have her eye removed and her jaw was shattered, so had to be stapled back together. It meant Nelly had to stay at the vets for a few days and when she came home, she had to be fed by a feeding tube, with special cat food.' As well as the initial operation, the vets fees for the black and grey tabby included scans, x-rays and medication, which meant that by the time the bill came in, it was just under the maximum of Claie's policy of £5,000. 'Our vets are fantastic and their first question was how much the policy was, so they could work within my financial limits as much as possible,' she explains. 'I didn't want them to skimp on any treatment Nelly might need, but I also knew that it could end up being even more eye-wateringly expensive if I wasn't careful. 'I've had cats for years and shelled out a fortune on insurance I've never needed to use. But with Nelly I'd paid about the equivalent of about £250 when she had her accident, so it was definitely worth having,' adds Claie. 'Of course, it means the premiums have gone up – but it's just bonkers not to have insurance if you can afford it and definitely not worth the financial risk. No one wants to be in a position where they can't save their pet if they need to.' The average claim cost is £685, the ABI said, but some costs can be much higher. More Trending The price of treatment for elbow dysplasia, a common cause of forelimb lameness in young, large and giant breed dogs, can cost over £50,000, the body said. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video The average cost of care needed when a pet eats something they should not, whether it is food which is poisonous to them or a small household item, is around £4,000, the ABI said. Jonathan Purvis, senior policy adviser, general insurance at the ABI said: 'You can't pull a rabbit out the hat when it comes to paying for veterinary bills, so it's promising to see more people making sensible choices to protect themselves and their pets financially. View More » 'Insurance provides peace of mind that costs will be covered if your pet is ill or injured.' Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: This common medical condition can hike your travel insurance premium by 1,159% MORE: Mad cow disease confirmed on Essex farm MORE: Couple renovating their 1850s home make a chilling discovery
Bloomberg
24-05-2025
- Health
- Bloomberg
Record £1.23bn Paid Out in Pet Insurance Claims in 2024
A record £1.23 billion was paid out in pet insurance claims in 2024, helping households cover the cost of veterinary treatment for unwell and injured animals, the Association of British Insurers (ABI) has said. Dogs led the pack, making up £933 million in claims, followed by cats at £232 million, and £61 million for other pets.
Irish Independent
22-05-2025
- Sport
- Irish Independent
Wexford woman and all-round hero is joined by hurling legend for 40th birthday bash
Wexford People Today at 19:00 Anyone who knows her will testify to the fact that Karina Browne always tends to be the life and soul of the party. Well it was quite a party at Sinnott's recently as Karina was surrounded by family and friends to mark her 40th birthday. The Wexford woman has come a long way to get to this point and there was a time where it was thought she wouldn't make it. Around 19 years ago, Karina's life took an unexpected turn when a car accident left her with a traumatic brain injury. However, her strength and determination have been an example to many and with the help of Acquired Brain Injury Ireland she managed to reclaim her life and today she volunteers, has all manner of hobbies and interests and cherishes each moment. In recent times, Karina even blew everyone away with her stirring rendition of Dancing at the Crossroads which won her the inaugural Ability's Got Talent trophy in a packed Wexford Arts Centre and, perhaps more importantly, a thumbs up from legend of that 1996 Wexford hurling team, and Karina's good friend, Larry O'Gorman. Larry O was also in attendance at the party at Sinnott's, alongside lots of Karina's friends from ABI and Wexford Able Disabled Club and her family, all of whom gathered to help her mark the milestone.
Yahoo
22-05-2025
- Business
- Yahoo
Morgan Stanley Maintains $330 Price Target on Autodesk (ADSK) Despite Soft ABI Data
Morgan Stanley maintained its Overweight rating and $330 price target for Autodesk Inc. (NASDAQ:ADSK) on May 21. The firm's remarks followed the release of the Architecture Billings Index (ABI) for April, which indicated that architectural activity remained soft. The ABI showed a further decline in billings, falling from 43.1 in March to 43.2 in April. Considering its noteworthy involvement in the engineering, construction, and architecture sectors, the ABI decline points towards future construction projects potentially slowing down, which could affect Autodesk's operations. Pixabay/Public Domain That said, Elizabeth Porter of Morgan Stanley noted that several early indicators, such as design contracts and client inquiries, are starting to show tentative signs of stabilization, suggesting that the downturn may be beginning to moderate. According to the analyst, Autodesk Inc. (NASDAQ:ADSK) is expected to meet its first-quarter targets and commit to its full-year fiscal 2026 guidance. Robust earnings from peers in the industry support this outlook. Although the declining ABI indicates softness in architectural billings, Morgan Stanley's position reflects a nuanced view of the market, with stable demand observed through reseller activity serving as a counterbalance, which boosts confidence in Autodesk's short-term performance. While we acknowledge the potential of ADSK to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ADSK and that has 100x upside potential, check out our report about the cheapest AI stock. Read Next: and Disclosure: None.
