MARYVILLE, Tenn. — Independent pharmacies across the state can breathe a sigh of relief after new legislation signed by Governor Bill Lee helps level the playing field between them and large drug store chains.
"I feel a certain level of relief but at the same time I can't let my guard down," said Phil LaFoy, co-owner and pharmacist at Blount Discount Pharmacy.
The pharmacy focuses on caring for patients and ensuring they get the medicine they need, even though it has become increasingly harder with rising fees over the years. Bot their customers and the businesses have had to carry the burden of rising costs.
"At least 10 percent of the claims we transmit on a daily basis are below our cost," Lafoy said.
Since it is below their cost, the pharmacy ends up losing money. They can also lose the customers who make their jobs possible, as many stop shopping with them and move to larger chains with cheaper prices. Many of those chains manage to keep prices low by covering more of the loss themselves.
S.B. 1617 hopes to give smaller pharmacies a fighting chance to keep customers. It will halt price hikes that force patients to choose their pharmacy based on the price instead of the drug store of their choice.
"It puts the choice back into the hands of the patient which is huge for us. Why should a patient be forced to go somewhere they don't want to go?" said Aaron Clark, a co-owner and pharmacist at Blount discount Pharmacy.
It also won't force independent pharmacies to foot the cost of prescriptions, making sure they get at least what they paid for back in return.
“Hopefully we can at least protect ourselves from a financial standpoint to be paid the price we pay for the medication," said Lafoy.
For example, if a drug is $40 and patient insurance only pays $20, independent pharmacies currently need to pay the difference themselves. The legislation hopes to change that so small businesses can get back to doing what they do best.
"This is not about money as much as anything it's about ... the ability to do what we do best and that's providing patient care," said Lafoy.
The legislation will go into effect on July 1.