FTC Lets PBMs Off The Hook: For Now It Won’t Pursue A Formal Inquiry On Alleged PBM Anti-Competitive Practices Despite statements by the Chair of the Federal Trade Commission (FTC), Lina Khan, and the Secretary of Health and Human Services (HHS), Xavier Becerra, that they would formally scrutinize anti-competitive practices by pharmacy benefit managers (PBMs), both agencies have yet to do so.