The Biosimilars Forum Commends FTC for Probe into PBMs
Juliana M. Reed, Executive Director the Biosimilars Forum, released the following statement after the U.S. Federal Trade Commission (FTC) announced an inquiry into Pharmacy Benefit Manager (PBM) business practices:
“The Biosimilars Forum commends the FTC for launching this probe into PBMs. It is more important than ever that there be accountability to PBMs that have prevented access to lower cost biosimilars for far too long, driving down free market competition that lowers costs for patients.
“Safe, effective, and lower-cost biosimilars must be made available to all Americans who need them, but biosimilars are often excluded from formularies because of PBM-driven rebate schemes. By requiring PBMs to provide information on their business practices, we can ensure that necessary oversight is initiated – and in turn verify that patients are given access and choice in choosing their life-saving medications.
“Biosimilars have the potential to reduce drug costs by $133 billion by 2024 with the launch of seven adalimumab biosimilars in 2023, but only if their uptake increases and PBMs provide patients and providers access to these biosimilars. Additionally, unfair practices from PBMs — including inflated prices and monopolistic control of formularies — could squander this huge cost-savings potential. Biosimilars are the solution to lowering drugs costs in America. A solution that will only work when biosimilars have access to the market and we promote competition.”
The Biosimilars Forum recently submitted comments to the FTC’s request for information on PBM business practices, available here. For more information on the Biosimilars Forum’s work to increase access to lower-cost biosimilars, visit biosimilarsforum.org.