AHF Celebrates FTC's Action Against PBMs Impact on Insulin Costs
AHF's Response to FTC Lawsuit Against Pharmacy Benefit Managers
AIDS Healthcare Foundation (AHF) expresses strong support for the recent actions taken by the U.S. Federal Trade Commission (FTC) against major pharmacy benefit managers (PBMs). These middlemen have been significantly contributing to the inflated costs of insulin, a medication that should be accessible for all who require it. Insulin was never created to be a source of profit. The original creators of insulin sold the patent for a mere dollar back in 1923, believing it was unethical to profit from a life-saving drug.
Impact of PBMs on Drug Pricing
For over two decades, PBMs have taken advantage of their position within the healthcare system. The largest PBMs — Caremark Rx, OptumRx, and Express Scripts — will now face legal repercussions as they confront serious allegations regarding their anticompetitive practices concerning insulin pricing. This lawsuit underscores the FTC's commitment to dismantling practices that prioritize profit over patient welfare.
History of Insulin Pricing
Looking back to the late 1990s, the price of Humalog, a popular variant of insulin, was relatively moderate, around $21 per vial. However, in stark contrast, by 2017, that same medication had soared to an average cost of $274. The shifts in pricing are largely attributed to the manipulations within the PBM industry. These entities structured their formularies in a way that often favored higher-priced medications, pushing patients towards more expensive options rather than cost-effective alternatives.
AHF's Advocacy and Commitment
AHF has been at the forefront of addressing the adverse effects of PBM practices on healthcare. The organization knows all too well how these middlemen exploit the healthcare system, ultimately leading to increased costs and access challenges for vulnerable populations. The growing frustration felt by many at the pharmacy counter is directly linked to the actions taken by PBMs, as they focus on their bottom line at the expense of patient health outcomes.
Support from the FTC and Ongoing Efforts
Notably, AHF commends FTC Chair Khans' ongoing efforts to expose and penalize these harmful practices. The FTC's actions mark a significant turning point, addressing the systemic issues that have allowed PBMs to dictate the drug pricing landscape while putting patient health at risk.
About AIDS Healthcare Foundation
AIDS Healthcare Foundation, the largest provider of HIV/AIDS care worldwide, serves over 2.1 million individuals across 47 countries. AHF is dedicated to providing advanced medical care and advocacy for patients living with HIV/AIDS. Their commitment extends beyond providing health services; they also educate communities about healthcare access and the importance of affordable medications.
Frequently Asked Questions
What triggered the FTC's lawsuit against PBMs?
The lawsuit arose due to PBM practices that inflated insulin prices and restricted access to affordable options for patients requiring this essential medication.
How do PBMs affect medication pricing?
PBMs manipulate drug formularies to favor higher-priced medications, which often results in increased costs for patients compared to what they would pay for more affordable alternatives.
What is AHF's role in addressing insulin pricing?
AHF actively advocates for patients’ rights and strives to bring attention to the practices of PBMs that harm healthcare outcomes, while also supporting policy changes for fairness in drug pricing.
Why was insulin historically inexpensive?
Insulin was created with the intention of making it widely available to those in need, and its original patent was sold for only $1 to ensure it remained a public health benefit rather than a profit-driven product.
What does AHF offer to those affected by HIV/AIDS?
AHF provides comprehensive healthcare, including medications, support programs, and advocacy efforts tailored to improve the lives of those affected by HIV/AIDS globally.
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