(Washington, D.C.) — The Pharmaceutical Care Management Association (PCMA) issued the following statement on the Federal Trade Commission’s (FTC) enforcement action on pharmacy benefit managers (PBMs):

“The FTC’s action ignores significant progress PBMs have made lowering costs in the insulin market and is yet another example that the agency is running a biased investigation with predetermined anti-industry outcomes — driven by the self-serving agendas of special interests and designed to misrepresent the role and value of pharmacy benefit managers.

“This action not only fails to accurately consider the role of the entire prescription drug supply chain, but disregards positive progress, supported by PBMs, in making insulin more affordable for patients. In contrast to the rhetoric, the current insulin market is actually working, with PBMs effectively leveraging greater competition to drive down insulin prices and doing their part to make insulin affordable for patients through innovative programs.

“According to IQVIA, ‘The average out-of-pocket cost for a month’s supply of insulin has declined across all pay types, reaching $18.64 for all payers in 2023 compared to $25.79 in 2019.’

“If the FTC had considered the role of the entire supply chain, the commission may have accurately diagnosed the lack of insulin competition in the period analyzed as a result of Big Pharma’s anti-competitive tactics and found that prices on brand name insulin products increased at manufacturer discretion, since rebates are uncorrelated to higher list prices.

“Decisions from Big Pharma companies to lower the price of some insulin products last year, following increased Congressional scrutiny and public outcry, underscore that drug companies can decide to lower prices at any time.

“PBMs will continue to promote competition and market-based innovation to ensure patients can afford the medications they need, especially insulin, and PCMA encourages regulators and policymakers to reject proposals to address problems that are largely solved for and instead take action that actually lowers drug costs – like reining in the egregious drug patent abuse that Big Pharma engages in to keep drug prices high for patients, taxpayers, and employers.”

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PCMA is the national association representing America’s pharmacy benefit companies. Pharmacy benefit companies are working every day to secure savings, enable better health outcomes, and support access to quality prescription drug coverage for more than 275 million patients.