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Shares of major healthcare companies UnitedHealth Group, Cigna, and CVS Health fell over 5% on Wednesday amid growing concerns over bipartisan legislation targeting pharmacy benefit managers. The proposed Senate bill seeks to force health insurers and PBMs to divest their pharmacy businesses within three years, citing conflicts of interest. PBMs, responsible for managing drug costs, face allegations of inflating prices and harming small pharmacies. The legislative push, coupled with heightened public scrutiny following the recent fatal shooting of UnitedHealth Group's insurance arm CEO, has placed the sector under intense pressure.
Transcript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Shares of major health care companies, United Health Group, Cigna, and CVS Health fell over
00:075% on Wednesday amid growing concerns over bipartisan legislation targeting pharmacy
00:12benefit managers. The proposed Senate bill seeks to force health insurers and PBMs to
00:17divest their pharmacy businesses within three years, citing conflicts of interest.
00:21PBMs, which are responsible for managing drug costs, face allegations of inflating prices
00:26and harming small pharmacies. The legislative push, coupled with heightened public scrutiny
00:31following the recent fatal shooting of United Health Group's insurance arm CEO,
00:35has placed the sector under intense pressure.
00:37For all things money, visit Benzinga.com slash GSTV.

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