FTC Walks Back Years of Support for Pharmacy Benefits Middlemen

The FTC voted unanimously Thursday to issue a statement withdrawing comments made over a 13-year period opposing state legislation that would boost transparency over the entities that manage prescription drug benefits.

The vote from the three Democrats on the Federal Trade Commission, which has two Republican seats vacant, officially pulls back 11 letters and reports the agency issued between 2004 and 2017 warning against state legislation that would have required PBMs to disclose certain information about their business practices and finances to state governments. PBMs manage drug coverage on behalf of health plans, employers, and others.

The commissioners said the ...