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.
60 Articles
60 Articles
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…
FTC to bring lawsuit against CVS, Cigna, and UnitedHealth Group
The Federal Trade Commission (FTC) is going after big pharma. According to FTC’s latest report, units of CVS Health Corp., Cigna Group and UnitedHealth Group Inc. charged significantly more than the national average acquisition cost for dozens of specialty generic drugs, bringing in more than $7.3 billion in “excess” revenue over six years. The FTC said that this practice raised costs for consumers and insurers on important treatments for cancer…
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.
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 …
Healthcare Leaders Support FTC's Second Report on PBMs, While PBMs Criticize Findings
On Tuesday, the Federal Trade Commission released its second interim staff report on prescription drug middlemen. The report examines the impact of PBMs (specifically CVS Caremark, Express Scripts and Optum Rx) on specialty generic drugs, highlighting substantial price markups by PBMs on medications for cancer, HIV and other conditions. The post Healthcare Leaders Support FTC’s Second Report on PBMs, While PBMs Criticize Findings appeared first …
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