Trenton, September 20, 2024 ― The HealthCare Institute of New Jersey (HINJ – www.hinj.org), released the following statement concerning the Federal Trade Commission’s (FTC) legal action against the three largest pharmacy benefit managers (PBMs):
“HINJ applauds the FTC’s lawsuit filed today against PBMs for their anticompetitive and unfair practices that harm patients by artificially increasing the cost of prescription medicines. These middlemen in the health care supply chain have forced patients to pay more for the life-saving medicines that pharmaceutical companies work so hard to discover and deliver to patients. While biopharmaceutical companies spend billions of dollars to discover a new treatment or cure, PBMs add nothing to the advancement of global health, they only advance their profits – at the expense of patients. By reforming these profiteering PBM practices, patients can save billions of dollars at the pharmacy counter, and we are grateful to the FTC for their recognition of and action against these unfair practices.”