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, /PRNewswire/ -- Officials with American Pharmacy Cooperative, Inc. (APCI) lauded a U.S.

Federal Trade Commission report released today which found that the country's largest pharmacy benefit managers (PBMs) are raising prescription drug prices for patients and putting America's locally-owned pharmacies out of business. PBMs – middlemen in the prescription supply chain – were found to "be profiting by inflating drug costs and squeezing Main Street pharmacies," the report stated. In a , FTC Chair said that the report "lays out how dominant pharmacy benefit managers can hike the cost of drugs — including overcharging patients for cancer drugs.



" Khan added that the report "also details how PBMs can squeeze independent pharmacies that many Americans — especially those in rural communities — depend on for essential care." "We applaud the hard work the FTC has done for the past two years in its investigation into abusive PBM practices and are proud to have had the opportunity to provide insights into PBM practices to their team," said APCI CEO . "Today's report details what we have been saying for years: PBMs increase prescription prices for patients; cost taxpayers billions of dollars each year; and largely reimburse independent pharmacies below cost for medications, forcing locally-owned pharmacies to shutter their doors and reduce access for patients across the country.

"We look forward to continuing to work with the FTC and members of Congress to enact legislation th.

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