FTC HOLDS PUBLIC MEETING ON PBMs

The Federal Trade Commission (FTC) held a virtual open meeting on the heels of issuing its Interim Report on Pharmacy Benefit Managers (PBMs). A press release summarized the report’s findings.

Members of the public and other stakeholders provided arguments for PBM reform at the virtual meeting, citing the many ramifications that PBM business practices have had on patient and caregiver lives. From sudden price increases and restricting access to prescription drugs, to self-preferencing their affiliated pharmacy businesses and squeezing out independent pharmacy providers because of unfair contract terms – the PBMs wield enormous power under a purposely opaque set of rules that largely enrich their profits at the expense of patients. To watch the Commission’s Open Meeting, click here.

MichBio, along with its state and national partners, welcomes greater scrutiny of PBM business practices. We will continue to advocate for the implementation of policies that will mitigate the negative impacts that they have on the ability for patients to access and afford life-saving drugs.