Forbes July 26, 2024
After two years of research, the Federal Trade Commission’s recent interim report on Pharmacy Benefit Managers has authoritatively documented the multiple ways in which the three largest PBMs have contributed to the rising cost of drugs. This investigation has shown a spotlight on a list of questionable practices that have long been the subject of complaints from consumers, independent pharmacies, pharmaceutical manufacturers, employers and other stakeholders.
As I discussed in a previous column, the past few decades of unchecked consolidation across the healthcare industry has dramatically changed the PBM landscape. The FTC’s report cites analysis of prescription data showing the three largest PBMs control a staggering 80% of prescriptions filled in the U.S.—an unprecedented concentration of power. Their interim report...
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