Carter statement on FTC suing PBMs over high insulin prices

WASHINGTON, D.C. - Rep. Earl L. "Buddy" Carter (R-GA), a pharmacist by trade, issued the following statement after the Federal Trade Commission (FTC) today sued the nation's largest pharmacy benefit managers (PBMs) - Optum Rx, Caremark, and Express Scripts - and their respective group purchasing organizations for spiking insulin prices, imperiling the health of over 8 million Americans:

"PBMs are finally facing accountability after decades of stealing lives and hope from patients. In the early years of my pharmacy practice, insulin was affordable; now, the price is up 1,200% for some patients, forcing them to choose between paying for life-saving treatment and paying for gas, groceries, and other basic necessities. During this time, profits for Optum RX, Express Scripts, and Caremark have soared. What PBMs are doing to all patients, especially those who rely on insulin, is criminal. I applaud FTC Chair Lina Khan for taking this critical step and sending a message that PBMs' days of abusing patients are coming to an end. It is time to bust this monopoly up for good."

Rep. Carter is a nationwide leader on health care reform, championing legislation to rein in PBMs including:

• Drug Price Transparency in Medicaid Act, a bill that bans the use of spread pricing in Medicaid and ensures that pharmacists are fairly and adequately reimbursed for serving Medicaid patients.

• PBM Accountability Act, a bill adding transparency to the drug supply chain by raising reporting requirements for PBMs.

• Protecting Patients Against PBM Abuses Act, a bill delinking PBM compensation from drug prices and limiting PBM income to a flat-dollar fee, taking away incentives to steer patients towards higher-cost drugs.

Read more about PBM abuses here.

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