{{ If passed, the legislation would be the most far-reaching intervention yet into the operations of pharmacy-benefit managers, known as PBMs, and their parent companies, cutting off a major source of revenue for the companies and frustration for patients.
“PBMs have manipulated the market to enrich themselves—hiking up drug costs, cheating employers, and driving small pharmacies out of business,” Warren said. “My new bipartisan bill will untangle these conflicts of interest by reining in these middlemen.”
Hawley said the legislation “will stop the insurance companies and PBMs from gobbling up even more of American healthcare and charging American families more and more for less.” }}
Great! Now add doctors owning lab testing facilities (or any medical related business in which they have a potential conflict of interest), Drug company “seminars” in exotic locations. If they want to have them, make them in Dubuque or Bozeman or something.
In fact, how about just a general rule that you can’t have ownership in anything which presents a potential conflict of interest? Does Major League Baseball all allow a player to be part owner of a competing team? Why or why not?
“Conflict of interest” is a “traditional American value”. That is why, in spite of the outrage over the financial crisis in 08-09, efforts to hold retirement account investment advisors to the fiduciary standard failed.
That is why I am pretty sure that the current outrage against health insurers will not result in legislation to prevent abuses.