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The Federal Trade Commission Friday announced it was suing the country's three biggest pharmacy benefit managers, claiming unfair practices inflated the cost of insulin.Pharmacy benefit managers, or PBMs, negotiate rebates on drugs for insurance companies, unions and government agencies. Those rebates help lower copay costs for patients, but critics say they also force manufacturers to increase the list price of a drug, ultimately raising the price for patients at the counter.
RELATED STORY | Walgreens settles allegations it submitted false payment claims for prescriptionsScripps News reached out to the PBMs listed in the lawsuit for a response. All three suggested the FTCs complaint presented a flawed view of the drug pricing process, and placed blame for the high costs of insulin elsewhere.
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