NCPA May 14, 2021 Dear Colleague, Have you ever searched high and low for something (keys, cellphone, remotes come to mind) and you finally found it right in front of you? When that happens, someone invariably says, "If it was a snake it would've bit you." I thought about that old phrase the other day as I pondered the "discoveries" being made about PBM business practices. The business practices — for lack of a better word — of PBMs are not new. Far from it. These discoveries are consistent with NCPA's objective of changing the pharmacy payment model. NCPA has been shining a light on examples of PBM malfeasance for decades. Lately, we're seeing more and more PBM investigations across the country and there's a temptation to think, "We've been telling you this for years. Better late than never."