The Shadow Formulary: How Pharmacy Benefit Managers Ration Medications Beyond the Reach of Public Accountability
Pharmacy benefit managers and insurance formularies have evolved into de facto regulatory bodies that determine medication access for tens of millions of Americans, operating with minimal transparency and no democratic oversight. This article examines the structural mechanisms through which tiering systems and formulary exclusions disproportionately burden lower-income patients, and considers how European formulary frameworks offer instructive models for accountability reform.