NACDS, NCPA express support of ‘swipe fee’ reform
ALEXANDRIA, Va. — The National Association of Chain Drug Stores and the National Community Pharmacists Association on Tuesday urged Congress to permit the Federal Reserve Board to expedite the implementation of an amendment to the financial-reform legislation from Sen. Dick Durbin, D-Ill., that would limit the fees charged to retail merchants on debit card transactions (known as “swipe fees”) to a level that is “reasonable and proportionate” to the costs incurred by the banks and credit card associations to process these transactions.
“The amendment also allows retail merchants options on how their debit card transactions are routed for processing, which provides market competition for this part of the process,” the letter stated.
Durbin’s amendment was included in the financial-reform legislation enacted last year, and directed the Federal Reserve to seek a level playing field between financial institutions and retailers — including pharmacies — on these debit card fees.
The law requires the Federal Reserve to write rules to enforce the “reasonable and proportional to cost” requirement by July 2011, although the precise date for enforcing the routing rule is left to its discretion. At this point, the Federal Reserve has issued draft regulations on what is to be considered reasonable and proportionate, and has closed the comment period on the rules.
“We believe it is imperative that this process of writing and issuing final regulations continue as required by the law," the letter from the NACDS and NCPA stated. "Debit and credit card interchange fees currently total close to $50 billion annually for retailers. The timely promulgation and enforcement of the regulations will assure the beginnings of reform for both debit and credit cards to assure that fees are ‘reasonable and proportionate’ for retailers and the customers they serve in a highly competitive marketplace.”
For a copy of the letter, click here.
NACDS resumes ad campaign promoting role of pharmacy
ALEXANDRIA, Va. — The National Association of Chain Drug Stores has resumed its paid advertising campaign promoting the role of pharmacy in the healthcare delivery system.
Since 2007, the NACDS has emphasized its theme of "Pharmacies, the face of neighborhood health care,” and will continue emphasizing the value of pharmacy with the message this week.
“It was not too long ago that one could feel the frustration of the pharmacy community,” wrote NACDS president and CEO Steve Anderson in an NACDS member e-newsletter. “There was a sense that those who understand the power of pharmacy services were talking among themselves but that the message was not reaching public policy and political constituencies. In other words, there was too much ‘preaching to the choir.’ That is changing dramatically.”
Anderson noted that the timing for this campaign is now — 20% of Congress members include newly elected legislators who are focused on reining in government spending. “They need to hear about the ways in which pharmacy services can help increase medication adherence, thus reducing preventable and more costly healthcare expenditures,” Anderson wrote.
The ads advocate for congressional support of S.274, the NACDS-backed Medication Therapy Management Empowerment Act. The print ad is pictured here.
“This is what a trade association sounds like when it truly shouts from the rooftops, and these powerful sounds are absolutely necessary for success,” Anderson concluded.
Watson promotes two SVPs
MORRISTOWN, N.J. — Generic drug maker Watson Pharmaceuticals has promoted two executives to EVP, the company said Wednesday.
The company gave the promotions to SVP, general counsel and secretary David Buchen and SVP and CFO R. Todd Joyce. Both will continue to report to CEO Paul Bisaro.
“These promotions not only recognize the substantial individual contributions David and Todd have made to Watson’s ongoing success, but also the significant achievements made by both in building the teams that support our company’s global growth,” Bisaro said.
Buchen began working for Watson in 1998, while Joyce began with the company in 1997.