The federal trade watchdog on Tuesday released an interim report saying that sprawling health care conglomerates are driving out competition in the pharmacy sector and appear to be increasing prices in the process.
saying that sprawling health care conglomerates are driving out competition in the pharmacy sector and appear to be increasing prices in the process.
“Amidst increasing vertical integration and concentration, these powerful middlemen may be profiting by inflating drug costs and squeezing Main Street pharmacies,” an executive summary of the report said. “Throughout this process, FTC leadership has shown that they have pre-determined conclusions that they want to advance irrespective of the facts or the data, and this report demonstrates an intention to follow through on their agenda regardless of the evidence,” Scott said in a statement.
, with many more likely to close in the other 14 states where the bankrupt chain operates. The company tends to operate in smaller communities and the FTC says pharmacy closures in such communities are particularly harmful to patients. “Our analyses also highlight examples of affiliated pharmacies receiving significantly higher reimbursement rates than those paid to unaffiliated pharmacies for two case study drugs,” it said. “These practices have allowed pharmacies affiliated with the three largest PBMs to retain levels of dispensing revenue well above estimated drug acquisition costs, resulting in nearly $1.6 billion of additional revenue on just two cancer drugs in under three years.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Seventeen Federal Agencies Recognize Decade of Federal Progress Addressing Elder AbuseAddressing elder abuse
Read more »
FTC report adds to scrutiny of drug middlemenPrescription drug middlemen took in nearly $1.6 billion in extra revenue on two cancer drugs in less than three years.
Read more »
Klein: Anticompetitive pricing cost City, taxpayersSerious claims coming from the Columbus city attorney's office. Zach Klein is alleging drug companies and pharmacy middlemen have ripped off taxpayers
Read more »
Walgreens closing stores as pharmacy chain reports tough outlookWalgreens Boots Alliance Inc. slashed its guidance due to a worsening retail environment and announced it would close significantly more stores as its new...
Read more »
National pharmacy chain to close ‘substantial’ number of locations across USIn an interview with The Wall Street Journal, the company CEO said leadership will target poorly performing stores.
Read more »
Accused robber indicted on charges in 7 N.J. pharmacy heists to steal opioidsOnijee Burgess, 26, robbed pharmacies in Paterson and Passaic from November 2022 through April 2023, authorities said.
Read more »