The Federal Trade Commission has announced what it calls a major antitrust settlement with Caremark, resolving a closely watched case against one of the country’s largest pharmacy benefit managers. Even without the full settlement details in hand, the development is important: it signals that the FTC is continuing to press competition theories aimed at the role PBMs play in drug pricing, formulary design, and pharmacy reimbursement.

For antitrust and healthcare lawyers, the significance goes well beyond a single company.