FTC Comes for PBMs

Source: The American Prospect
by David Dayen

“A couple of weeks ago, The New York Times discovered that there were these obscure middlemen that were using information advantages and concentrated control of pharmaceutical markets to raise prices. The Times was about seven years late, compared to the Prospect, on warning about the dangers of pharmacy benefit managers, or PBMs. But the series got launched just before the Federal Trade Commission released preliminary results of its ongoing investigation into PBMs, enabling the paper to write a kind of ‘told you so’ recap of the FTC’s interim report. In fact, the FTC has been studying PBMs for two years, starting with requests for information from the leading companies. They predictably delayed and obstructed in response; the report threatens to take the PBMs to court to compel information. But there’s enough available data for the agency to draw some initial conclusions in their report.” (07/09/24)