Pharmacy benefit managers profit at expense of patients and small pharmacies, FTC says

Pharmacy benefit managers (PBMs), who negotiate prescription drug access terms for millions of Americans, are generating profits at the expense of patients and independent pharmacies, says an interim staff report released by the Federal Trade Commission. The report found that a few dominant PBMs have significant control over patients’ drug access and affordability, as well as the ability of independent pharmacies to serve their communities. The report also suggests that PBMs may be funneling patients towards their own pharmacies and away from independent ones. PBMs have faced scrutiny in recent years for their role in rising medication costs. The report has received criticism from the PBM industry’s trade group, as well as from one of the FTC’s own commissioners. The pharmaceutical industry’s trade group, on the other hand, argues that the report highlights the cost-increasing impact of PBMs.