The Federal Trade Commission (FTC) has filed a legal complaint against three major pharmacy benefit managers (PBMs) – CVS Health’s Caremark Rx, Cigna’s Express Scripts (ESI), and UnitedHealth Group’s OptumRx – accusing them of artificially inflating the price of insulin and blocking access to cheaper alternatives.
Advocates with T1International hold a vigil on September 5, 2019, outside of Eli Lilly’s offices in New York City, honoring those who have lost their lives due to the high cost of insulin.a legal process against middlemen that collectively administer about 80% of all prescriptions in the United States, accusing them of artificially inflating the list price of insulin drugs and blocking patients from accessing cheaper products.
“Caremark, ESI, and Optum — as medication gatekeepers — have extracted millions of dollars off the backs of patients who need lifesaving medications,” Rao continued. “The FTC’s administrative action seeks to put an end to the Big Three PBMs’ exploitative conduct and marks an important step in fixing a broken system — a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers.
On the one hand, Harris is basing her campaign on lowering drug prices and IN PARTICULAR lowering insulin prices. And Lina Khan just sued the companies responsible for raising insulin prices.that “the FTC’s case adds to the mounting, bipartisan criticism of the ‘Big Three’ PBMs, which for far too long have exploited their monopoly power to inflate drug prices and enrich shareholders at the expense of patients’ health and pocketbooks.
Insulin Prices Pharmacy Benefit Managers (Pbms) FTC Lawsuit Drug Costs Healthcare System
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