Ban PBMs from Controlling Pharmaceutical Market

PBM or pharmacy benefit managers are third party organizations that determine insurance formularies for prescription medications. Think of them as the middle man between insurance and drug companies. The goal is to negotiate lower drug costs for patients. However, some of the largest PBMs are owned by insurance companies, jacking up prices for everyone else and putting more money in their pockets.

Insurance companies should not be allowed to own their own pharmacy benefit managers. As of 11/3/24, the FTC is suing major PBMs for artificially increasing insulin prices, but this should be investigated for all drugs. In addition, there should be some sort of legislature banning the monopolization as well as against rebate schemes and illegal bribes these companies are performing.

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I vote yes on this one