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Using Data, Not Anecdotes, to Analyze Criticisms of Pharmacy Benefit Managers

BY | January 20, 2025

Pharmacy Benefit Managers (“PBMs”) are intermediaries in the complicated payment and drug distribution chain. Recently, PBMs have been the subject of intense scrutiny. The critics often rely on anecdotes or…

Pharmacy Benefit Managers (“PBMs”) are intermediaries in the complicated payment and drug distribution chain. Recently, PBMs have been the subject of intense scrutiny. The critics often rely on anecdotes or an analysis of a few selected drugs out of thousands to suggest that PBMs are systematically harming the public. Instead, this paper summarizes a study that represents a systematic analysis of the massive amount of confidential data that I and the Federal Trade Commission (“FTC”) have

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