Federal Trade Commission to Sue PBMs on Behalf of Patients!

Big news for patients coming out of Washington, D.C., where the Federal Trade Commission (FTC) has announced plans to sue prescription drug middlemen known as pharmacy benefit managers, or PBMs, for driving up the cost of the medicines we rely on daily.

The news is sending shockwaves through the health care community, and it could mean big breaks for patients. According to reports:

The suits are expected to target the three biggest so-called pharmacy benefit managers, UnitedHealth Group’s Optum Rx, CVS Health’s Caremark and Cigna’s Express Scripts, the person said, confirming an earlier Wall Street Journal report Wednesday about the agency’s plans. All three are owned by or connected to health insurers…

The FTC on Tuesday released a scathing interim report based on the ongoing investigation into PBMs. The report accused the three largest PBMs of manipulating the drug supply chain to enrich themselves at the expensive of smaller, independent pharmacies and U.S. patients.

We’re thrilled policymakers are taking patients’ needs seriously, and are fighting back against PBMs who exist to drive up the price of medicine.

Check out the latest coverage from CNBC.