Drug middlemen illegally drive up the cost of insulin, FTC says [CBS News]
CVS Health Corporation (CVS)
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Source: CBS News
making it harder for patients to obtain cheaper versions of the life-saving drug. The companies — CVS-owned Caremark Rx, Cigna Group's Express Scripts and UnitedHealth Group's Optum Rx — acted in ways that stifled industry competition for insulin drugs, including by using unfair rebating practices, the Federal Trade Commission said Friday. That artificially raised the list price of insulin, creating what the agency characterized as a "drug rebate system that prioritizes high rebates" from drugmakers, the FTC alleged in announcing lawsuits against the three businesses and their affiliates. Pharmacy benefit managers, known as PBMs, manage prescription drug plans for health insurance programs, including Medicare, and serve as intermediaries with pharmacies, employers and drugmakers. Caremark, Express Scripts and Optum together administer roughly 80% of all prescriptions in the U.S., according to the FTC. "Millions of Americans with diabetes need insulin to survive, yet for many o
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CVS
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- CVS's page on the SEC website