Shares of major health insurers with pharmacy benefit managers dropped Monday after U.S. President-elect Donald Trump criticized PBMs as "middlemen" driving up drug costs and vowed to eliminate their role. Trump’s remarks targeted CVS Health's Caremark, Cigna's Express Scripts, and UnitedHealth Group's Optum, which dominate the PBM market. Trump stated PBMs "make more money than the drug companies" and pledged to reduce drug costs. A CVS spokesperson defended PBMs, arguing they combat pharmaceutical price gouging and lower prescription costs.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Shares of major health insurers with pharmacy benefit managers dropped Monday
00:06after U.S. President-elect Donald Trump criticized PBMs as middlemen,
00:10driving up drug costs, and vowed to eliminate their role.
00:13Trump's remarks targeted CVS Health's Caremark,
00:16Cigna's Express Scripts, and UnitedHealth Group's Optum, which dominate the PBM market.
00:21Trump stated PBMs make more money than the drug companies and pledged to reduce drug costs.
00:26A CVS spokesperson defended PBMs,
00:29arguing they combat pharmaceutical price gouging and lower prescription costs.
00:33For all things money, visit Benzinga.com slash GSTV.