Jun 8, 2022
The PUTT Members Behind the FTC's Vote to Investigate PBMs
Yesterday’s announcement by the Federal Trade Commission (FTC) to move forward with an inquiry into the PBM industry marks perhaps one of the most important wins for independent pharmacy since the nation first heard about the shadowy middlemen during the 2016 EpiPen hearings.
While wins can feel few and far between for community pharmacy, today marks a turning point in the battle for PBM Reform. Statements issued by the individual commissioners validate the claims and complaints independent pharmacies have been lodging for years. More than one statement called out independent pharmacies for being more than just a critical member of the healthcare team.
Said Commissioner Alvaro Bedoya today, “People say independent pharmacies are a 'critical part' of the healthcare infrastructure. In many parts of rural and urban America, independent pharmacies are the healthcare infrastructure, full stop.”
While many have Elaine Benes-happy danced and cheered the FTC’s vote, here at PUTT we humbly thank Board members: Deborah Keaveny (Minnesota Indys/MNIndys founder) and, Lauren Young (second-generation pharmacy owner, Illinois); and a small but dedicated group of PUTT members including Illinois pharmacy owner Dave Falk and a handful of other independent pharmacists. These individuals began pushing the FTC in the summer of 2020 to investigate the clearly anticompetitive PBM practices outlined in the forthcoming study.
This is PUTT at its finest - strong, dedicated, fearless members willing to stand up for the profession and the business of pharmacy. This is why your membership in small-but-mighty PUTT matters. Because, to paraphrase a one-time independent business owner who went on to found the most valuable manufacturing firm in the world, “The people who are (bold) enough to think they can change the world are the ones that do.”
Thank you for your support of PUTT, and let’s keep fighting!