AIDS Healthcare Foundation (AHF) commends the U.S. Federal Trade Commission (FTC) for its recent lawsuit targeting major pharmacy benefit managers (PBMs) for their role in driving up the costs of insulin, a crucial medication that was never meant to be a cash cow.
FTC Action Against PBMs
The original creators of insulin believed it was unethical to profit from a life-saving treatment and sold the patent for a mere $1 back in 1923. However, over the past two and a half decades, PBMs have turned this once affordable drug into a significant source of revenue for themselves.
PBMs Exploiting Patients
Following the FTC's intervention, the three largest PBMs - Caremark Rx, OptumRx, and Express Scripts - will be held accountable for their anticompetitive practices related to insulin pricing. What used to cost just $21 in 1999 for Humalog, a branded insulin, surged to a staggering $274 by 2017, as PBMs manipulated formularies to push pricier options over cheaper, equally effective alternatives.
AHF Stands Against PBM Manipulation
AHF has witnessed firsthand how PBMs exploit their market power to steer patients towards costlier medications, hurting both consumers and independent pharmacies. By prioritizing profits over patient well-being, PBMs have contributed to the skyrocketing prices of essential drugs, leaving many struggling to afford their treatments.
Advocating for Fair Access to Medication
AHF supports the FTC's efforts to hold drug supply chain intermediaries like PBMs accountable for their harmful business practices. By shining a light on the abuses within the pharmaceutical industry, AHF aims to ensure that all individuals have access to affordable and essential medications.
About AHF
AIDS Healthcare Foundation (AHF) is a global leader in HIV/AIDS healthcare, serving over 2.1 million people in 47 countries, including the U.S., Africa, Latin America/Caribbean, Asia/Pacific, and Eastern Europe. To learn more about AHF's mission and services, visit AIDShealth.org or connect with them on social media platforms such as Facebook, Instagram, Twitter, and TikTok.