Credit: Towfiqu Barbhuiya/Adobe Stock FTC Takes Legal Action Against Three Largest PBMs Over High Insulin Prices
"Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed," said Rahul Rao, deputy director of the FTC's Bureau of Competition.
September 20, 2024 at 04:06 PM
6 minute read
Health Care
The Federal Trade Commission on Friday filed an administrative complaint against the three largest pharmacy benefit managers and their affiliated group purchasing organizations, alleging they have contributed to high insulin prices through anti-competitive practices.
The FTC claims CVS Health's Caremark, Cigna's ESI and United Health Group's OptumRx created a "perverse drug rebate system," resulting in higher insulin list prices. Despite lower list-price insulins becoming available, the PBMs excluded those options for patients and provided higher prices and highly rebated insulin products, the agency alleges.
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