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Vertical Integration and PBMs: What, Me Worry?

BY | January 20, 2025

The Federal Trade Commission issued a report in July 2024 expressing alarm over the vertical integration and “conglomeration” of pharmacy benefit managers (“PBMs”). The report alleges that such consolidation will…

The Federal Trade Commission issued a report in July 2024 expressing alarm over the vertical integration and “conglomeration” of pharmacy benefit managers (“PBMs”). The report alleges that such consolidation will harm patient access to drugs, raise drug prices, and threaten the survival of pharmacies. The FTC report ignores many important points about vertical integration, its impacts, and the competitiveness of the PBM sector. There is little econometric evidence to support the FTC’s

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