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FTC Report Reveals $7.3 Billion in Drug Price Markups by Pharmacy Benefit Managers

The Federal Trade Commission reported that the three largest pharmacy benefit managers earned over $7.3 billion from drug price markups between 2017 and 2022.
The FTC found that PBMs marked up specialty generic drugs by hundreds or thousands of percent, impacting medications for serious illnesses like HIV and cancer.
PBM-Affiliated pharmacies received higher reimbursements than independent pharmacies, leading to concerns about potential steering of patients to affiliated providers.
The FTC Chair, Lina Khan, emphasized the need for investigations into practices inflating drug costs and harming independent pharmacies.

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Futurism

Insurance Company Where CEO Was Assassinated Jacking Up Cost of Cancer Drugs by "Thousands of Percent," Government Finds

UnitedHealthcare's drug dealing arm is, according to the government, massively marking up the cost of life-saving medications. In a new report, the Federal Trade Commission is charging OptumRx, UHC's pharmacy benefit manager (PBM), with inflating the cost of "numerous specialty generic drugs... by thousands of percent, and many others by hundreds of percent." Along with the PBMs associated with Cigna and CVS, Optum allegedly price gouged on drug…

2 months ago

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Newsweek

UnitedHealth charged cancer patients 5000%, bombshell FTC report claims

Wholesalers made huge profits on two specialist cancer drugs, the FTC said

2 months ago·United States

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Latin Times

UnitedHealth Is Price Gouging Cancer Patients by Overcharging 'Thousands of Percent' for Live-Saving Meds, Pocketing Extra Billions: Feds

The UnitedHealth Group is overcharging patients for necessary life-saving drugs as a result of price gouging that increases the cost of such medication exponentially.

2 months ago

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Pennsylvania Capital-Star

Regulator accuses drug middlemen of wild price hikes, possibly steering business to themselves • Pennsylvania Capital-Star

(Getty Images)The Federal Trade Commission on Tuesday released an interim report saying that powerful drug middlemen marked up drugs for cancer, AIDS, multiple sclerosis and other serious maladies far over the going rate — as much as a thousand percent over the going rate in 22% of instances. The upcharges provided $7.3 billion in additional revenue between 2017 and 2022 to pharmacies owned by the same companies, the report said. Meanwhile, the …

2 months ago

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Missouri Independent

Regulator accuses drug middlemen of wild price hikes, possibly steering business to themselves • Missouri Independent

The St. Louis County office of Express Scripts, one of the nation's largest pharmacy benefit managers (Google Maps). The Federal Trade Commission on Tuesday released an interim report saying that powerful drug middlemen marked up drugs for cancer, AIDS, multiple sclerosis and other serious maladies far over the going rate — as much as a thousand percent over the going rate in 22% of instances. The upcharges provided $7.3 billion in additional re…

2 months ago

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The Epoch Times

FTC Accuses Pharma ‘Middlemen’ of Marking Up Cancer, HIV Drugs

Pharmacy Benefit Managers (PBMs) pushed up the cost of some prescription drugs by up to 1,000 percent, according to a recent report from the U.S. Federal Trade Commission (FTC). The report focused on PBMs’ control over specialty generic drugs. The PBMs “marked up numerous specialty generic drugs dispensed at their affiliated pharmacies by thousands of percent, and many others by hundreds of percent,” said a Jan. 14 statement from the agency. Thi…

2 months ago·New York, United States

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