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