00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Shares of major health insurers with pharmacy benefit managers dropped Monday
00:06after U.S. President-elect Donald Trump criticized PBMs as middlemen,
00:10driving up drug costs, and vowed to eliminate their role.
00:13Trump's remarks targeted CVS Health's Caremark,
00:16Cigna's Express Scripts, and UnitedHealth Group's Optum, which dominate the PBM market.
00:21Trump stated PBMs make more money than the drug companies and pledged to reduce drug costs.
00:26A CVS spokesperson defended PBMs,
00:29arguing they combat pharmaceutical price gouging and lower prescription costs.
00:33For all things money, visit Benzinga.com slash GSTV.
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