In a new article by Total Pharmacy Journal published in Drug Topics titled, “In July, PBMs Found Themselves in the Federal Government Hot Seat,” the discussion focuses on recent actions at the agency, legislative, and federal court levels that have highlighted abusive PBM practices. The article underscores the concerted efforts to expose how PBMs are undermining pharmacists, physicians, and patients. Notably, it features Frier Levitt’s $22 million arbitration award against Caremark on behalf of New York Cancer & Blood Specialists (NYCBS).
Here are key points of the article:
- The FTC released a critical report on PBMs in July 2024, highlighting how they drive up drug costs and harm independent pharmacies.
- Key events included the FTC report release, a $22 million court ruling against CVS Caremark, and a House Oversight Committee hearing with PBM executives.
- The “Big 3” PBMs (CVS Caremark, Optum Rx, Express Scripts) control about 80% of the market, leading to concerns about competition and patient care.
- Both Republican and Democratic lawmakers expressed concerns about PBM practices, suggesting bipartisan support for potential reform legislation.
- Issues addressed include drug pricing, patient steering, and the impact on rural pharmacies.
Drug Topics characterizes these actions as “years of work” condensed into just a few weeks, marking a pivotal period in addressing PBM abuses. Read more here: https://www.drugtopics.com/view/in-july-pbms-found-themselves-in-the-federal-government-hot-seat
Frier Levitt is proud to contribute to critical conversations regarding transparency and fairness in the healthcare and life sciences industries through our legal work.
