WASHINGTON, D.C. – Rep. Earl L. “Buddy” Carter, a pharmacist by trade, released the following statement today after the Federal Trade Commission (FTC) released a bipartisan interim report on its investigation into Pharmacy Benefit Managers' (PBM) practices and their impacts on patients:
“Since day one in Congress, I’ve been calling on the FTC to investigate PBMs, which use deceptive and anti-competitive practices to line their own pockets while reducing patients’ access to affordable, quality health care. I’m proud that the FTC launched a bipartisan investigation into these shadowy middlemen, and its preliminary findings prove yet again that it’s time to bust up the PBM monopoly. We are losing more than one pharmacy per day in this country, causing pharmacy deserts and taking the most accessible health care professionals in America out of people’s communities. I am calling on the FTC to promptly complete its investigation and begin enforcement actions if – and when – it uncovers illegal and anti-competitive PBM practices.”
The interim report found that the biggest PBMs control 95% of prescriptions filled in the United States every year. The report details how PBMs drive up the costs for many lifesaving drugs, including cancer drugs, and squeeze independent pharmacies out of the market.
Read the full interim report here.
Background
Rep. Carter is Congress’s leading advocate for PBM reform and was instrumental in pushing FTC to launch this investigation. His work includes:
Read more about the need for PBM reform, including patient testimonials, here.
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