Shares of major healthcare companies fell nearly 5% on Wednesday on concerns related to potential changes to their complex business models.
Shares of major health-care companies fell as much as 5% on Wednesday as investors feared pressure from lawmakers and patients could force changes to their business models., which operate three of the nation's largest private health insurers and drug supply chain middlemen called pharmacy benefit managers, or PBMs. They also own pharmacy businesses. Shares of all three companies were down at least 4.8% in early afternoon trading..
"PBMs have manipulated the market to enrich themselves—hiking up drug costs, cheating employers, and driving small pharmacies out of business," Warren said in a release."My new bipartisan bill will untangle these conflicts of interest by reining in these middlemen.