The Federal Trade Commission said pharmacy benefit managers created a "perverse drug rebate system" that artificially inflated the cost of insulin.

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,

The three price benefit managers jointly administer 80% of all prescriptions in the U.S., the FTC said in the lawsuit.