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.”
I recently had to start a blood thinning medication for Pulmonary Embolism and Deep Vein Thrombosis while recovering from COVID. The thinner I chose was Eliquis. I was told by the nurse that it was $1,000 per month, but that I could apply for a coupon online that would bring it down to just $10 per month. So I went online to apply and could not complete the application process. It bumped me out because I did NOT have prescription drug insurance. So the Pharmaceutical company is in bed with the insurance companies by essentially giving them absolutely huge discounts. I don’t have Prescription Drug Insurance. So with a GOOD RX discount, I pay $553 per month. It’s high time that middle and lower class citizens have fair drug prices.
I was prescribed an ordinary generic drug by my physician. When I went to pick it up the cost was $350 with my Part D Insurance. I refused it & asked how much it would be with my Good Rx card & surprise it was $35 for the same thing. I wonder how much of that went to the PBM