MADISON, Wis.--(BUSINESS WIRE)--David Fields, CEO of Navitus Health Solutions, made the following statement regarding today's FTC report of PBMs:
"The damning FTC report reaffirms what we have long known – the large PBMs are only concerned with satisfying their enormous appetite for profit while bleeding America’s healthcare system dry. By filling more than 94 percent of prescriptions in the US, they are not only anticompetitive but have also created a public health crisis.
Much like Big Tobacco, these PBMs will continue their harmful practices until they are forced to change. Until then, drug prices will continue to skyrocket, with the drug companies and the Big Three conspiring to keep drug costs high.
At Navitus we applaud the FTC for shining a spotlight on this issue and stand in opposition to the backroom negotiations between drug companies and the Big Three where high prices result in large rebates that the PBMs use to satisfy their profit machines.
At Navitus, we return all rebates and fees we get from drug companies to our customers to help keep drug prices as low as possible, so people can afford critical medications. But we can’t lead the battle alone. We need our nation’s policy-makers to act and act quickly.
Our specialty pharmacy, Lumicera, is the only cost plus specialty pharmacy in the country. Our annual Drug Trend Report, which will be released publicly next week, includes real, auditable data that shows what we pay for medications on behalf of our clients.
Reform is urgently needed to ensure ALL PBMs prioritize patient health and affordability in their practices, and to build trust again with a more transparent and accountable healthcare system.”
