The Federal Trade Commission has filed a lawsuit against three major pharmacy benefit managers (PBMs) - Caremark, Express Scripts, and OptumRx - alleging anticompetitive practices that have led to soaring insulin prices for diabetic patients. These companies, which handle approximately 80% of prescriptions in the United States, are accused of engaging in practices that artificially inflate list prices, particularly for insulin.
Pharmacy benefit managers are responsible for managing prescription drug coverage for various clients, including insurers and large employers. They negotiate rebates with drug manufacturers, which can impact the final price that consumers pay for their medications. The FTC claims that the rebate practices of these PBMs prioritize high-priced insulins, resulting in higher out-of-pocket costs for certain patients.
