PBM Update: Special Edition - FTC Releases Second Interim Staff Report in PBM Inquiry

By Rachel A. Alexander, Theresa C. Carnegie, Tara E. Dwyer, Joseph M. Miller, Lauren M. Moldawer, Bridgette A. Keller, Samantha Hawkins, Payton T. Thornton

On January 14, 2025, the Federal Trade Commission (FTC) Office of Policy Planning released a second Interim Staff Report titled Specialty Generic Drugs: A Growing Profit Center for Vertically Integrated Pharmacy Benefit Managers (the Second Report). The Second Report reflects additional work the FTC has completed since it released the July 2024 Interim Staff Report, and, most notably, includes the empirical analysis the agency’s first report on the topic was criticized for lacking. Mintz’s Health Law and Antitrust teams actively monitor federal and state regulatory and legislative developments in the PBM space, including those from the FTC. In this Special Edition of the PBM Policy and Legislative Update, the Mintz Health team partnered with our Antitrust colleagues to analyze the FTC’s Second Report.

Read the full memo > 

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Published

    • Viewpoint Topics

  • Health Care
  • Antitrust
  • Pharmacy Benefits and PBM Contracting

    • Professionals

  • Rachel A. Alexander
  • Theresa C. Carnegie
  • Tara E. Dwyer
  • Joseph M. Miller
  • Lauren M. Moldawer
  • Bridgette A. Keller
  • Samantha Hawkins
  • Payton T. Thornton

    • Related Practices

  • Pharmacy Benefits and PBM Contracting

    • Related Industries

  • PBMs & Pharmacies
  • Health Care

    • Authors

    Rachel A. Alexander

    Rachel A. Alexander

    Member

    Rachel A. Alexander, a Member at Mintz, is a seasoned health law attorney and litigator who represents health plans, payors, and managed care entities in all aspects of managed care and payor regulatory, transactional, and litigation matters. She has a specialized focus on pharmacy benefit and drug pricing–related issues. She is regularly called on to help clients navigate pharmacy benefit manager (PBM) contract negotiation, administration, and procurement matters and provide guidance on compliance with federal law.
    Theresa C. Carnegie

    Theresa C. Carnegie

    Member

    Theresa advises clients on all aspects of the pharmaceutical supply chain, including counseling industry stakeholders on a range of business, legal, transactional, and compliance matters. She provides clients with strategic counseling and creative business modeling that considers legal restrictions and regulatory risk in light of innovation and business goals.
    Tara E. Dwyer

    Tara E. Dwyer

    Member

    Tara advises managed care organizations, pharmaceutical services providers such as PBMs, and integrated delivery systems, and companies that invest in them, on matters relating to compliance with federal health care program regulations, federal and state fraud, waste and abuse laws and plan benefits.
    Joseph M. Miller

    Joseph M. Miller

    Member / Co-chair, Antitrust Practice

    Joseph M. Miller is Co-chair of Mintz’s Antitrust Practice. He draws on in-house, law firm, and government experience to advise clients on transactions, government investigations, and merger reviews.
    Lauren M. Moldawer

    Lauren M. Moldawer

    Member

    Lauren advises pharmacies, PBMs, managed care organizations, and other payors on transactional, regulatory, and fraud and abuse matters, drawing upon her experience working for the Federal Coordinated Health Care Office.
    Bridgette A. Keller

    Bridgette A. Keller

    Of Counsel

    Bridgette advises health care providers, ACOs, health plans, PBMs, and laboratories on regulatory, fraud and abuse, and business planning matters, applying her experience in health system administration and ethics in health care to her health law practice.
    Samantha Hawkins

    Samantha Hawkins

    Associate

    Samantha Hawkins is an Associate at Mintz whose practice encompasses a broad range of complex transactions, compliance and regulatory issues, and governance matters for clients across the health care sector, with an emphasis on pharmacy benefit manager (PBM) contract negotiation.
    Payton T. Thornton

    Payton T. Thornton

    Associate

    Payton T. Thornton is an Associate at Mintz who focuses his practice on antitrust and competition matters, including antitrust compliance, merger review, and government investigations. He primarily advises clients in the health care sector.