Free2Care applauds the Federal Trade Commission’s (FTC) decision to open an inquiry into the prescription drug middlemen industry.
The probe requires the six largest Pharmacy Benefit Managers (PBMs) - that control 95% of prescriptions - to provide information and records regarding their business practices.
The Free2Care coalition and the Association of Mature American Citizens (AMAC) were jointly responsible for nearly three-fourths of the comments received by the FTC on the issue.
Senior Vice President of AMAC Action, Andy Mangione released the following statement in response to the vote from the FTC:
“Americans are tired of high drug prices and drug shortages that are a direct result of anticompetitive behavior and consolidations between PBMs and insurance providers.
This is a critical first step to reform the system; a clear understanding of how these middlemen function would provide transparency and insight about how patients are harmed.”
Free2Care Director David Balat released the following statement in response to the vote from the FTC:
“Sunlight is the best disinfectant. The FTC must now extend the same inquiry to Group Purchasing Organizations (GPOs).
Free2Care will continue to focus on increasing transparency, unwinding perverse incentives, and creating changes that lead to more competition.”
2 Comments