What was once a hub of activity at Plain City Druggist was quiet after pharmacist Joe Craft closed his doors. Even at the going-out-of-business sale that nailed shut his real-life dreams of running a pharmacy, Joe Craft still offers a pleasant greeting by name to virtually all who enter Plain City Druggist. He had closed the pharmacy earlier in February after running it for nearly a quarter century.
A few years ago, he noticed that his four central Ohio pharmacies weren't showing as much revenue as they should. His figures show that the PBM fees are 22-times higher than seven years ago, skyrocketing from less than $25,000 to $544,000 annually. "We looked at the amount of money that it cost to run the drug store, and the amount of money that we were making on these contracts, and it did not cover our costs. So we had to close," Craft said.