PUTT STATEMENT ON THE FAILURE OF THE FTC TO AUTHORIZE STUDY OF PBM-PHARMACY RELATIONSHIP FOLLOWING IMPASSIONED PUBLIC HEARING

Feb 18, 2022

Commissioners Wilson and Phillips: Your Actions Lead Us to Wonder if You Participated in the Hearing with an Open Mind, or if You are Protecting the Rights of Modern-Day Robber Barons

WINSTON-SALEM (February 17, 2022) -- 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 failure to authorize a study examining the relationship between pharmacy benefit managers (PBMs) and independent pharmacies:

“As small business owners who are also healthcare providers, we are incredulous at the deadlocked vote that resulted in the stalling of a study that would have allowed the FTC to begin to understand the dysfunction that exists in the relationship between PBMs and independent pharmacies. We are particularly disappointed in Commissioners Phillips and Wilson, who either failed to understand - or simply didn’t care about - the testimonies of the community pharmacies and patients who spoke in support of the need for an investigation into PBM practices.”

“Commissioners Wilson and Phillips: we find your unwillingness to at least investigate the allegations of problems between PBMs and community pharmacies and their patients deeply disturbing, and we wonder whether your participation in the hearing was pure pretense. Given not a single representative for the opposition testified at today’s hearing, we question whether you participated in the hearing with an open mind, or if you were more interested in protecting the rights of modern-day robber barons instead of American consumers.”

“Still, we extend our thanks and appreciation to FTC Chairperson Lina Khan and Commissioner Rebecca Slaughter for leading the effort to examine the extreme market concentration and consolidation of healthcare industries in the U.S. Nearly 10 years ago to date, former FTC Commissioner Julie Brill issued a dire warning about rampant healthcare mergers and acquisitions. Almost everything she predicted a decade ago has now come true. We implore the FTC to continue examining the opaque business practices of PBMs and their health insurer corporate parents.”

For more information about PUTT, see TruthRx.org.

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