US Federal Trade Commission Sues CVS Health, Cigna, UnitedHealth's Pharmacy Benefit Managers For Inflating Insulin Prices [Yahoo! Finance]
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Source: Yahoo! Finance
three major pharmacy benefit managers (PBMs)— CVS Health Inc's (NYSE: CVS ) Caremark, Cigna Corp's (NYSE: CI ) Express Scripts, and UnitedHealth Group Inc's (NYSE: UNH ) Optum—for allegedly engaging in unfair and anti-competitive practices that have inflated the list price of insulin medications The complaint accuses the PBMs of creating a system that benefits them financially by prioritizing drug rebates, forcing patients to pay higher costs for life-saving insulin. These PBMs, referred to as the Big Three, administer around 80% of prescriptions in the U.S. The FTC claims that the PBMs abused their market power to inflate insulin prices by promoting a rebate system with drug manufacturers. This system led to the exclusion of lower-priced insulin from formularies, further driving up the cost for vulnerable patients. The result is higher out-of-pocket expenses for those needing essential diabetes medication. For example, the list price of Eli Lilly And Co's (NYSE: LLY ) Humal
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- The Cigna Group (NYSE: CI) had its price target lowered by analysts at Deutsche Bank Aktiengesellschaft from $398.00 to $394.00. They now have a "buy" rating on the stock.MarketBeat
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