Big Three PBMs Post Strong 3Q, Helping Offset Parent Firms’ Insurance Woes

  • Nov 14, 2024

    As their parent companies struggle with elevated utilization that’s impacting their health insurance businesses, CVS Health Corp.’s Caremark, The Cigna Group’s Express Scripts and UnitedHealth Group’s Optum Rx had strong financial results during the third quarter of 2024.  

    The Big Three PBMs’ continued success comes as they endure scrutiny from state and federal governments, including an administrative complaint that the Federal Trade Commission (FTC) filed in September. They are also facing pressure from clients that seek more transparency about their pharmacy spending, rebates and other issues. Still, the Big Three, which combined process more than 80% of prescription drug claims, argue that they have been effective at keeping medication costs down and have launched new products to be more accountable and help manage high-cost specialty drugs.  

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  • Tim Casey

    Tim has been a reporter and editor for newspapers, websites and magazines for more than 20 years, including 10 years covering health care business topics. He has a deep knowledge of the managed care industry and pharmacy benefit management. He also has experience covering medical conferences and clinical and legislative health care issues. In 2014, the Society for Advancing Business Editing and Writing selected Tim as one of 15 journalists to participate in a national symposium on the Affordable Care Act. Tim has a B.A. in Psychology from the University of Notre Dame and an M.B.A. from Georgetown University.

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