Lexology July 12, 2024
On July 9, 2024, the Federal Trade Commission (FTC or Commission) published an interim staff report on pharmacy benefit managers (PBMs) and their role in the US healthcare landscape (the Interim Report). Its issuance comes two years after the FTC initiated its study into the nation’s six largest PBMs and their impact on the accessibility and affordability of prescription drugs.
PBMs are companies that manage prescription-drug transactions for insurers and employers and negotiate discounts with drug manufacturers on behalf of those customers. In other words, PBMs act as middlemen between drug manufacturers and insurers. The FTC asserts that this intermediary role provides PBMs with an opportunity to manipulate the drug supply chain to enrich themselves at the expense of smaller,...
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