On Friday, the Federal Trade Commission (FTC) filed a formal complaint against three major pharmacy benefit managers (PBMs)—CVS Health Inc’s (NYSE:CVS) Caremark, Cigna Corp’s (NYSE:CI) Express Scripts, and UnitedHealth Group Inc’s (NYSE:UNH) Optum—for allegedly engaging in unfair and anti-competitive practices that have inflated the list price of insulin medications. The complaint accuses the PBMs of creating a system that benefits them financially by prioritizing drug rebates, forcing patients to pay higher costs for life-saving insulin. These PBMs, referred to as the Big Three, administer ar…
