Carter statement on FTC report finding PBMs profited off chronically ill patients

WASHINGTON, D.C. – Rep. Earl L. “Buddy” Carter (R-GA) released the following statement today after the Federal Trade Commission (FTC) unanimously voted to release a second interim staff report on pharmacy benefit managers’ (PBMs) egregious practices, finding that the top three PBMs marked up drugs for chronic disease patients by as much as 1,000 percent: “Pharmacy benefit managers are stealing hope and health from patients, outrageously marking up the cost of lifesaving medications and refusing to dispense lower-cost alternatives. Just three PBMs made more than $7 billion in markups alone, while premiums continue to rise, independent pharmacies are shuttered, and chronic disease patients are forced to go without the medication prescribed by their doctor. What PBMs are doing to our health care system is criminal, and I applaud the FTC for acting in a bipartisan manner to shine a light on the industry’s abhorrent practices. Our health care system puts profits before patients, and it’s time for a change. Patients are counting on us to enact common sense reforms, and I will continue leading that charge.” ###