Over the past two years, the U.S. Federal Trade Commission has attempted to crack down on the pharmaceutical industry over concerns that drug companies too often use various means to thwart competition that could otherwise lower prices for consumers.
The agency is doing so as part of a wider effort by the Biden administration to address the controversy over prescription drug costs, which remains a pocketbook issue for many Americans. By tapping the FTC, the administration is hoping to send a message to drug companies that any moves to unfairly establish monopolies — and cost consumers money — will not be tolerated.
To accomplish this goal, the FTC has approached this problem from different angles — rebates used by drug companies to win favorable health insurance coverage, mergers and deals that can help corner a market, and patents that keep generic rivals at bay. One FTC official maintained the agency has been on “an incredible winning streak.” So here is an update on its progress.
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