08/06/2024
Keystone Closure Facebook Post Caption:
Dear Valued Customers,
We would like to announce the sale of Keystone Family Pharmacy to Safeway, Inc. Keystone will no longer be filling prescriptions after August 14th, 2024, but will remain open for a store closing/customer appreciation sale from August 12th through August 16th.
Your prescriptions will remain active and will be automatically transferred to the Safeway Pharmacy without any input needed from you.
This decision comes after much deliberation and discussion. Unfortunately, due to the increasingly challenging landscape created by insurance PBMs, we have been forced to make the difficult choice to close our doors.
The pharmacy industry is currently facing significant challenges due to the increasing influence of Pharmacy Benefit Managers (PBMs) and the resulting financial pressures. PBMs, which act as intermediaries between insurers and pharmacies, have been criticized for their role in inflating prescription drug prices and reducing consumer choice. This has led to a nationwide battle between pharmacies and PBMs, with independent and chain pharmacies alike struggling to stay afloat.
The impact of PBMs is not limited to independent pharmacies; major chain pharmacies such as Walgreens, CVS, and Rite Aid are also feeling the strain. These chains have announced plans to close numerous locations due to financial difficulties, exacerbated by low reimbursement rates and high operational costs. For instance, Walgreens plans to close a significant number of stores by 2027, while CVS has announced the closure of 900 stores over the next three years.
Without meaningful PBM reform, this trend is likely to continue. Legislative efforts are underway to address the practices of PBMs, with bipartisan support for increased transparency and accountability. However, until these reforms are enacted, pharmacies across the nation will continue to face closures, ultimately limiting access to essential medications for many patients.
We appreciate serving the Deer Lodge community and its people over the years and thank you for your patronage.
Warm regards,
The Keystone Family Pharmacy Team
