The Federal Trade Commission (FTC) has filed a lawsuit against three major pharmacy benefit managers (PBMs) – CVS Caremark, Express Scripts, and Optum – accusing them of using unfair practices to inflate insulin prices. The complaint alleges that the PBMs prioritize drug rebates, forcing patients to pay higher costs for life-saving insulin.
Several state and local governments are suing drug companies and pharmacy benefit managers (PBMs) over high insulin prices. However, these same governments have historically profited from the rebate system they are now challenging, highlighting a complex web of interests and questionable motives in the drug pricing debate.
Former Secretary of State Mike Pompeo criticizes President Biden’s prescription drug price plan, arguing it will only benefit the government and Big Pharma while raising costs for families. He specifically targets the Federal Trade Commission’s (FTC) proposed regulations on pharmacy benefit managers (PBMs), arguing they will harm patients by increasing drug prices and weakening the free market.
