The consumer protection agency said Tuesday that that it will order the nation’s largest PBMs to provide a range of information and records detailing how they do business.
Pharmacy benefit managers run prescription drug coverage for big clients that include health insurers and employers that provide coverage. They help decide which drugs make a plan’s formulary, or list of covered medications. They also can determine where patients go to fill their prescriptions.
for lack of profit, Pfizer’s generic division Hospira became the sole
These businesses, the biggest of which are run by companies that also operate health insurers, have been criticized by doctors and patients over their formularies and other concerns about drug access.
“Although many people have never heard of pharmacy benefit managers, these powerful middlemen have enormous influence over the U.S. prescription drug system,” FTC Chair Lina M. Khan said in a statement.
“This study will shine a light on these companies’ practices and their impact on pharmacies, payers, doctors, and patients,” Khan said.