BESSEMER, Ala., July 9, 2024
/PRNewswire/ -- Officials with American Pharmacy Cooperative, Inc.
(APCI) lauded a U.S. Federal Trade Commission report released today
which found that the country's largest pharmacy benefit managers
(PBMs) are raising prescription drug prices for patients and
putting America's locally-owned pharmacies out of business.
PBMs – middlemen in the prescription supply chain – were found
to "be profiting by inflating drug costs and squeezing Main
Street pharmacies," the report stated. In a statement accompanying
the report, FTC Chair Lina Khan said
that the report "lays out how dominant pharmacy benefit managers
can hike the cost of drugs — including overcharging patients for
cancer drugs." Khan added that the report "also details how PBMs
can squeeze independent pharmacies that many Americans — especially
those in rural communities — depend on for essential care."
"We applaud the hard work the FTC has done for the past two
years in its investigation into abusive PBM practices and are
proud to have had the opportunity to provide insights into PBM
practices to their team," said APCI CEO Tim
Hamrick. "Today's report details what we have been saying
for years: PBMs increase prescription prices for patients; cost
taxpayers billions of dollars each year; and largely reimburse
independent pharmacies below cost for medications, forcing
locally-owned pharmacies to shutter their doors and reduce access
for patients across the country.
"We look forward to continuing to work with the FTC and members
of Congress to enact legislation that will protect patients,
taxpayers, and locally-owned pharmacies from further abuse from
these corporate middlemen," Hamrick added.
The FTC launched its study into PBM practices in June of 2022,
and the commission notes that "several of the PBMs that were issued
orders have not been forthcoming and timely in their responses, and
they still have not completed their required submissions, which has
hindered the Commission's ability to perform its statutory
mission," leading to the publication of the interim report.
"We hope that this report will compel Congress to act decisively
to rein in PBM abuses," said Greg
Reybold, APCI's Vice President of Healthcare Policy. "The
status quo of large PBM unfair practices driving up drug costs and
driving independent pharmacies to the brink must end. For that to
happen, we need the FTC to take enforcement action and for Congress
to pass sweeping PBM reform that takes away the ability of PBMs to
set drug prices and to prey on patients, pharmacies, and
taxpayers."
About APCI
APCI is a cooperative of independently owned community
pharmacies in 31 states. Established in 1984 and headquartered in
Bessemer, Ala., APCI is recognized
as a leader in the fight for prescription drug pricing transparency
and reform.
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SOURCE American Pharmacy Cooperative, Inc.