PBM Accountability Project Calls on FTC and DOJ for Urgent PBM Reform Following Drug Pricing Listening Sessions

The PBM Accountability Project Managing Director Mark Blum submitted a letter to the Federal Trade Commission (FTC) and Department of Justice (DOJ) in response to the recent Drug Pricing Listening Sessions, urging immediate action to lower prescription drug costs for American patients, employers, and taxpayers.

The letter states, "We applaud the FTC’s ongoing efforts to address the ways in which pharmacy benefit managers (PBMs) have used their market domination and unchecked power over drug pricing and access to drive up costs for consumers, employers and taxpayers. The recent FTC lawsuit against the three largest PBMs for using their market power unfairly to manipulate and ultimately inflate insulin prices is a significant step."

As highlighted in the letter, federal policymakers can take concrete action by:

• Mandating PBM transparency to expose hidden practices that raise costs.

• Eliminating perverse incentives that reward inflated drug prices.

• Linking PBM compensation to a fair, market-based flat fee for services, instead of drug prices.

To read the full letter, click here.