WASHINGTON, D.C. – In a major win for patients, the Federal Trade Commission (FTC) today unanimously approved to launch an inquiry examining pharmacy benefit managers' (PBMs) unfair and deceptive business practices.
This announcement comes after years of advocacy from Rep. Buddy Carter (R-GA), a pharmacist by trade, who recently wrote a letter to the FTC calling for an investigation into the ways PBMs spike consumer drug prices and reduce access to life-saving drugs.
“This announcement is a huge step forward for patient’s rights. PBMs’ only functions are to raise prices and restrict patient’s access to necessary medication. As a pharmacist, I’ve seen the pain in patients' eyes when they have to choose between food and medicine. Even then, I knew that PBMs were the driving force behind their suffering. Today, we are one step closer to a more patient-centered, accessible, and affordable health care system for all Americans,” said Carter.
Read more about PBMs’ predatory practices here.
###
