Broker Regulation

By staying informed and proactive, advisors and brokers can help ensure that employee benefit plans remain robust, compliant, and beneficial for all stakeholders.

"Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed," said Rahul Rao, deputy director of the FTC's Bureau of Competition.

"This should be a point of welcome relief to celebrate — and it is, in part."

The four largest PBMs collectively have a 70% share of the national market.

Rebates granted by pharmaceutical manufacturers to insurers reduce the actual prices paid by insurers, causing the true prices of prescriptions to diverge from official statistics.

The draft rule would require providers to check all 50 states' prescription drug monitoring programs before prescribing a controlled substance to a patient whom they have not seen before in person.