FTC Reaches Settlement with CVS Over PBM Insulin Price Manipulation

Mar 24, 2026

The Federal Trade Commission struck a proposed settlement with CVS over charges that its pharmacy benefit manager manipulated insulin prices and impeded patient access. The FTC estimates the settlement will save Americans up to $7 billion in out-of-pocket costs over 10 years.

FTC Settlement with CVS Caremark Over PBM Practices

▪CVS Caremark is one of the largest pharmacy benefit managers in the United States.
▪The Federal Trade Commission reached a proposed settlement with CVS Caremark over allegations the company artificially inflated the price of insulin and impeded access to the diabetes treatment.
▪The proposed agreement between the Federal Trade Commission and CVS Caremark is subject to review and approval by the FTC chair.
▪The proposed settlement agreement between the Federal Trade Commission and CVS Caremark was filed on the agency website in March 2026.

Allegations of Insulin Price Manipulation and Access Barriers

▪CVS Caremark was alleged to have artificially inflated the price of insulin.
▪CVS Caremark was alleged to have impeded access to insulin, a lifesaving diabetes treatment.

Broader FTC Action Against Multiple Pharmacy Benefit Managers

▪Cigna's Express Scripts reached a final settlement with the Federal Trade Commission in February 2026 over allegations of insulin price manipulation.
▪The Federal Trade Commission filed a complaint in September 2024 against CVS Caremark, Express Scripts, and UnitedHealth's OptumRx.
▪Express Scripts is owned by Cigna.
▪OptumRx is owned by UnitedHealth.

Perspective of Federal Trade Commission

▪The Federal Trade Commission alleged that CVS Caremark manipulated insulin prices through its pharmacy benefit manager operations.
▪The Federal Trade Commission estimates the CVS settlement will save Americans up to $7 billion in out-of-pocket costs over 10 years.
▪The Federal Trade Commission alleged that CVS Caremark's practices impeded patient access to insulin.

Perspective of CVS

▪CVS expects the Federal Trade Commission settlement process to conclude in the coming weeks as of March 24, 2026.

Perspective of Pharmacy benefit managers industry

▪Express Scripts reached a final settlement with the Federal Trade Commission in February 2026 before CVS Caremark's proposed settlement.
▪Three of the largest pharmacy benefit managers in the United States were named in the Federal Trade Commission complaint over insulin pricing.