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UnitedHealth CEO Blames PBMs for Skyrocketing Insulin Prices

1/18/2025

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Summary

Story summary

UnitedHealth Group CEO Andrew Witty defended high drug prices, blaming manufacturers and health providers during an earnings call.
The FTC revealed that pharmacy benefit managers (PBMs) generated $7.3 billion in revenue from marked-up drug prices between 2017 and 2022.
Columbus and other states sued drug companies and PBMs for inflating insulin prices, costing taxpayers millions.
The lawsuit alleges a "shadow pricing scheme" resulted in insulin price hikes exceeding 1,000% over 25 years.

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Story summary

UnitedHealth Group CEO Andrew Witty defended high drug prices, blaming manufacturers and health providers during an earnings call.
The FTC revealed that pharmacy benefit managers (PBMs) generated $7.3 billion in revenue from marked-up drug prices between 2017 and 2022.
Columbus and other states sued drug companies and PBMs for inflating insulin prices, costing taxpayers millions.
The lawsuit alleges a "shadow pricing scheme" resulted in insulin price hikes exceeding 1,000% over 25 years.