Trump says ‘we're going to knock out the middleman' and eliminate pharmacy benefit managers that he claims are jacking up drug prices [Fortune]
CVS Health Corporation (CVS)
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Source: Fortune
Shares of health care companies with those subsidiaries faltered overnight, an indication of Trump's power over the stock market, even before he takes office next month. President-elect Donald Trump's continued criticism of pharmacy benefit managers has sent health insurers' stocks slumping. In a Monday press conference at his Mar-a-Lago resort in Palm Beach, Fla., Trump criticized pharmacy benefit managers (PBMs), who negotiate drug prices between drug makers and insurance companies, calling them “middlemen” who make more money than drug companies. He lamented the high prices of U.S. drugs, which are 2.78 times as expensive as 33 other countries, according to February data from policy think tank RAND Institute “We're going to knock out the middleman,” Trump said during the press conference. “We're going to get drug costs down at levels that nobody has ever seen before. “I don't know who these middlemen are, but they are rich as hell,” he added. Trump's comments had an almos
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