FTC sues drug middlemen for allegedly inflating insulin prices
Publishing timestamp: 2024-09-20 16:00:03
Summary
The Federal Trade Commission sued three large U.S. health companies that negotiate insulin prices, alleging that drug middlemen are inflating costs for patients. The lawsuit targets the three biggest pharmacy benefit managers and their affiliated group purchasing organizations. The FTC may also recommend suing insulin manufacturers in the future. The companies being sued have denied the allegations and defended their practices. The lawsuit comes after Express Scripts sued the FTC over a report claiming that the PBM industry is hiking drug prices. The FTC argues that the PBMs have created a rebate system that leads to artificially inflated insulin prices. The White House has not commented on the suit, but has expressed concerns about corporate greed driving up prices. President Biden's Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month.
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Keywords: unitedhealth group inc, biotech and pharmaceuticals, products and services, united states, sanofi sa, cigna corp, politics, business, pharmaceuticals, biotechnology, breaking news: business, health care industry, lilly drn, breaking news: politics, business news, novo nordisk a/s, cvs health corp, joe biden,
Source: https://www.cnbc.com/2024/09/20/ftc-sues-drug-middlemen-for-allegedly-inflating-insulin-prices.html