Schakowsky Statement on Anti-Competitive Practices of Pharmacy Benefit Managers

WASHINGTON – Today, Congresswoman Jan Schakowsky, a Senior Chief Deputy Whip and Chair of the Consumer Protection and Commerce Subcommittee, issued the following statement in advance of today's FTC open meeting:

"For everyday Americans, the cost of lifesaving prescription drugs is getting out of reach. I applaud the leadership of FTC Chairwoman Khan and the commissioners for announcing the FTC's intention to investigate the harmful, anti-competitive practices of pharmacy benefit managers (PBMs). This is a positive first step in the right direction and represents a sea change in terms of the agency's priorities. The new FTC wasted no time after Commissioner Bedoya's confirmation in showing its commitment to the American people that it is serious about stopping anti-competitive practices that result in unaffordable lifesaving drugs.

"PBMs are only part of the problem. Indeed, some players in the pharmaceutical industry are also contributing to the high cost of drugs. As a result, many Americans cannot afford the drugs they need. With regards to insulin, for instance, we have the names of constituents who have died because they had to ration their supply. FTC Commissioner Slaughter said it best when she said that subjecting patients to insulin rationing can lead to permanent, even fatal consequences. I echo Commissioner Slaughter when I say this is unacceptable.

"Therefore, more must be done. I hope that the FTC will also consider seriously investigating anti-competitive practices by drug manufacturers. Only then, we will be able to identify the true causes of this very serious concern of our citizens and be able to adopt policies to address them."

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