Senate Commerce Committee leaders, Maria Cantwell and Chuck Grassley, along with 12 lawmakers, are requesting an update from the Federal Trade Commission (FTC) on its investigation into the impact of pharmacy benefit managers (PBMs) on consumer drug costs. After 18 months of inquiry, the senators sent a letter to the FTC emphasizing the importance of transparency through an interim progress report. The senators also stressed the need for timely completion of the study to understand potential competitive harms posed by PBM practices.
The FTC initiated its study in June 2022, exploring PBM practices such as fee structures, patient steering, and the use of rebates. In May 2023, the FTC ordered the six largest PBMs and two group purchasing organizations to submit records on their business practices, addressing concerns about the broader influence of PBM-adjacent entities on drug costs and their role in exacerbating shortages. Consumer groups have applauded these efforts, emphasizing the need for regulatory measures to ensure a competitive and transparent pharmaceutical drug market.
Read the letter here.
Last Updated on February 5, 2024 by Aimed Alliance
