Virginia AG Investigates Insulin Pricing Practices, Manufacturer Collusion

Virginia Attorney General Jason Miyares has launched an investigation into several insulin manufacturers and pharmacy benefit managers (PBMs) for potentially violating the Virginia Consumer Protection Act by conspiring to inflate insulin prices and misleading consumers about the price increases. The probe centers on whether PBMs, which negotiate drug prices and retain rebates, artificially raised costs to boost profits, despite their role as intermediaries between health plans, drug manufacturers, and pharmacies. Miyares emphasized the importance of affordability for Virginians with diabetes and pledged his office would act decisively against fraudulent or deceptive practices. The investigation has drawn some skepticism, with critics viewing the timing as politically motivated ahead of the upcoming election in which Miyares faces a Democratic challenger. Meanwhile, legislative efforts in Virginia aim to reform PBM practices, including the recently passed "Save Local Pharmacies Act," which would establish a single state-contracted PBM for Medicaid to enhance accountability and reduce costs. The investigation continues as Virginia officials seek to address rising insulin prices impacting many residents.