An FTC Report Scapegoating Pharmacy Benefit Managers Makes for Poor Fiction

When government agencies abandon evidence for ideology, the result isn’t oversight — it’s propaganda. That’s exactly what we’re seeing in the Federal Trade Commission’s recent interim report on pharmacy benefit managers (PBMs), which masquerades as consumer protection but is just a political stunt dressed up as economic analysis.

Under the Biden-era leadership of Lina Khan, the FTC has taken a reckless turn — launching smear campaigns against American industries based on emotion, cherry-picked data, and media headlines rather than hard facts.

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