PUTT APPLAUDS FTC VOTE TO LAUNCH PBM STUDY AND FTC FOR ISSUING ENFORCEMENT POLICY STATEMENT FOLLOWING INSULIN HEARING

Jun 17, 2022

New Policy Statement Outlines a Plan to End PBM Practice of Using Higher-Priced Drug Rebates to Exclude Lower-Cost Drugs, Including in the Case of Insulin

The Board of Directors of Pharmacists United for Truth and Transparency (PUTT) released the following statement today in response to the Federal Trade Commission’s newly issued policy enforcement statement on rebates and fees in exchange for excluding lower-cost drug products:

“We extend our thanks and appreciation to FTC Chairperson Lina Khan and the FTC Commissioners for issuing a statement that acknowledges the FTC’s years-long receipt of complaints about the rebates and fees system - familiarly called “pay to play” - between pharmacy benefit managers and drug makers. We are especially encouraged by the FTC’s inclusion of a specific plan to investigate how the use of rebates may be in violation of the FTC Act, the Sherman Act, the Clayton Act and the Robinson-Patman Act.

“For too long, the largest PBMs have been able to use their dominant market position to crush competition by creating a monopoly-like environment that works against patients, consumers and taxpayers. Using the example of insulin, a critical life-sustaining medication that some 7.4 million American patients depend on to stay alive, the FTC promises to end the unconscionable price gouging that is currently taking place to the fullest extent of its power.

“We are grateful for the efforts of the FTC, are pleased to see a federal agency working on behalf of patients, consumers and taxpayers to restore balance in the marketplace and end one of the many practices that have placed priority on profits to the detriment of patients.”

For more information about PUTT, see TruthRx.org.

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