"Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed," Rahul Rao, deputy director of the FTC's Bureau of Competition, stated, revealing the profound impact that pharmacy benefit managers (PBMs) have on insulin prices and patient access to this crucial medication.
The FTC's allegations detail how CVS-owned Caremark Rx, Cigna's Express Scripts, and UnitedHealth's Optum Rx implemented unfair rebating practices to stifle competition in the insulin market, which resulted in artificially inflated prices that burden patients reliant on insulin.
CVS Caremark refuted the FTC's claims, insisting that their efforts have led to more affordability in insulin access, defending their role in managing drug prices while navigating criticism from regulators.
The FTC's lawsuit serves as a pivotal moment in the ongoing debate over drug pricing in America, particularly spotlighting the influence of pharmacy benefit managers and their role in manipulating insulin costs to maximize profits.
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