Pharmacy benefit managers have previously come under scrutiny for their influence over prescription drug prices.
Shares of companies owning pharmacy benefit managers fell on Wednesday after the introduction of a bipartisan bill that would force health insurers or drug middlemen to divest their pharmacy businesses.
CVS Health’s Caremark, Cigna’s Express Scripts and UnitedHealth Group’s Optum control the majority of pharmacy benefit management in the US, while their parent companies also operate health insurance businesses. Shares of all three companies were down between 4.8% to 5.5% after the Wall Street Journal first reported news of the bill.UnitedHealth Group’s Optum is one of the biggest pharmacy benefit managers, while parent UnitedHealth also operates health insurance businesses.The bill, sponsored by Sens. Elizabeth Warren, a Democrat, and Josh Hawley, a Republican, will force companies owning health insurers or pharmacy benefit managers to divest their businesses operating pharmacies within three years.
Representatives Diana Harshbarger, a Republican, and Jake Auchincloss, a Democrat, are also supporting the bill, which will be introduced in the Congress. PBMs negotiate prescription drug prices between insurers, pharmacies and drugmakers, and directly reimburse pharmacies for prescription drugs included under their agreed terms.“PBMs have manipulated the market to enrich themselves — hiking up drug costs, cheating employers, and driving small pharmacies out of business. My new bipartisan bill will untangle these conflicts of interest by reining in these middlemen,” said Senator Warren.The bill, sponsored by Sens.
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