MedCity News October 7, 2024
Months before the FTC sued the three largest pharmacy benefit managers, the CEO of Blue Shield of California battled its PBM – CVS Caremark – to bring a lower cost prostate cancer drug to its members.
In late September, the Federal Trade Commission filed an administrative complaint against the three largest pharmacy benefit managers, alleging that these third-party service providers artificially inflated the price of insulin. They did so by deliberately refusing to bring lower-priced insulin that was already available to patients because of a “perverse drug rebate” program, the FTC said. In other words, pharmacy benefit managers collect rebates and fees based on a percentage of the list price of the drug from drugmakers, use these rebates to convince...
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