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Health stocks plunge as uncertainty rises on Obamacare, Congress threatens action on drug prices

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Health-care stocks were poised to end the week in the red after lawmakers on Capitol Hill threatened to take legislative action against the nation's largest pharmacy benefit mangers on rising prescription high drug costs.

Health-care stocks were poised to end the week in the red on Friday after lawmakers on Capitol Hill threatened to write new laws tightening control over the nation's largest pharmacy benefit mangers to curb skyrocketing drug costs.

Executives from CVS Health, Cigna, Prime Therapeutics, Humana and UnitedHealth's OptumRx testified about rising prescription drug costs before the Senate Finance Committee on Tuesday. The PBMs left the congressional hearing mostly unscathed but Chairman Sen. Chuck Grassley, R-Iowa, hinted the committee is ready to write new laws to bring down drug prices.

Separately, a federal appeals court in New Orleans said Wednesday it will hear arguments in July on a lawsuit backed by President Donald Trump to overturn Obamacare. Dismantling the health-care law would lead to 32 million more uninsured people in the U.S. by 2026, according to an estimate from the Congressional Budget Office.

 

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