Q&A: FTC’s top healthcare enforcer on pharma M&A, company growth and PBMs

The Federal Trade Commission has loomed large over M&A in the biopharma industry in the last two years. The antitrust regulator attempted to block Amgen’s $27.8 billion takeover of Horizon, stopped Sanofi’s licensing deal for Maze and won its effort to force Illumina to divest Grail.

At Thursday’s Financial TimesEndpoints News US Pharma and Biotech Summit, Endpoints Executive Editor Drew Armstrong spoke with FTC Deputy Director of the Bureau of Competition Rahul Rao about the regulator’s antitrust approach in biopharma, how it views the PBM industry, and more.

This conversation has been substantially edited for concision and clarity. (The full recording will be available for attendees here.)

Drew Armstrong: I want to start with something that we considered a Rosetta Stone about what the FTC is doing, which is a 2022 meeting the FTC held with academics and antitrust experts to explore new approaches in antitrust….
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