President Message

March 18, 2014

Jimmy Picture

Dear members,

I hope that all of you had a wonderful holiday season. The Board, Trustees and myself have been rather busy since our last newsletter. We were forced by the Affordable Care Act to institute an unlimited cap on our prescription drug benefit. This was extremely difficult because it affected all of us. We tried to give all the best possible alternatives to procuring our prescriptions. This is a work in progress and we are trying to improve the plan as we speak.

The General Membership Meeting on March 26, 2014 will have the CEO from GPP to give a presentation and answer any questions that those that attend might have on our drug plan. There will be new modifications that will be placed in this newsletter that will benefit our membership. If you can’t make this meeting please take a look at the newsletter and see if the new modifications to our prescription coverage can help lower the cost of your prescriptions. Please remember in some cases Drs. receive incentives to write prescriptions from the manufacturers of the drugs that they prescribe. There is a reason that there are so many drug commercials on television today. These commercials fall under the title of research and development within the manufacturer’s Balance Sheet and could be as much as 50% of the company’s research and development budget. This is one of the reasons that drug prices are so high. Think about it, the consumer sees that a company spends this huge amount of money on research and development to help the individual’s quality of life but as much as 50% of that research and development budget is spent on advertising to sell the drug. The mark up on these drugs is astronomical and would break our Benefit Funds within a few months. The co-payment is fifty percent but whatever you pay the Benefit Fund pays the same amount. The rising cost of drugs is out of control and needs to be regulated.

I would like to inform our membership that we have reached out to the Mayor’s Office of Labor Relations concerning our contract but there is a huge line to get in. Labor Relations plan concerning contracts is to settle the oldest union contracts first. Some unions haven’t had a contract since 2008. We are waiting and ready to do whatever it takes to get our members a good contract

I hope to see you at our General Membership Meeting Wednesday March 26, 2014 at 6:00PM in the Union Office located at 36-36 33rd Street Suite 200 L.I.C. New York 11106. Refreshments will be served.

In Unity,

James Golden