FRANKFORT, KY (July 10, 2024)—The following is a statement from Sen. Max Wise, R-Campbellsville, on the Federal Trade Commission’s release of an interim report saying that sprawling healthcare conglomerates are driving out competition in the pharmacy sector and appear to be increasing prices in the process.
“The new interim report released by the Federal Trade Commission confirms what we have long suspected – and even known – in Kentucky: pharmacy benefit managers (PBMs) contribute to higher health care costs that ultimately harm patients.
“As a legislative champion for PBM reform in Kentucky, I am proud to have sponsored several key pieces of legislation over the years to reduce the confusing and harmful business practices that PBMs have caused to our local independent pharmacies and, ultimately, the patients they serve.
“This new report validates our concerns and justifies our actions. I remain committed to pursuing policy solutions that will control the costs of prescription drugs and improve the health outcomes of all Kentuckians.”
(Angela L. Billings, Director of Communications – Senate Majority Leadership)