During a recent government meeting, officials addressed the escalating crisis surrounding prescription drug prices, highlighting the severe impact on public health and safety. A staggering 9 million adults have reportedly skipped prescribed medications due to unaffordability, with vulnerable groups such as women, individuals with disabilities, and the uninsured being disproportionately affected.

The discussion underscored the role of pharmacy benefit managers (PBMs) as significant players in the healthcare market, acting as intermediaries between drug manufacturers, insurers, and pharmacies. A recent report from the Federal Trade Commission (FTC) revealed that the PBM market is highly concentrated, with the three largest PBMs controlling 80% of the market. This concentration allows them to exert considerable influence over drug pricing and access, often steering contracts towards their own affiliated businesses and away from independent pharmacies.

Concerns were raised about the lack of transparency in PBM practices, which can lead to higher drug prices and limited access to lower-cost generic alternatives. The meeting emphasized the urgent need for reforms aimed at increasing competition within the PBM market, while also acknowledging that the issues extend beyond PBMs to the broader healthcare system's concentration.

Officials called for immediate action to address these challenges, stressing that the health and well-being of millions depend on making prescription drugs more affordable and accessible.