BIG by Matt Stoller • 41024 implied HN points • 21 Jan 26
- Congress moved to treat big pharmacy benefit managers like public utilities by banning unfair network exclusions, forcing full price disclosure, and stopping PBMs from keeping rebates except for real service fees, though those rules mostly take effect in 2028–29 and depend on regulators.
- A few giant, vertically integrated PBMs owned by CVS, UnitedHealth, and Cigna dominate the market and use rebates and network steering to push higher‑cost drugs and favor their own pharmacies, which has driven independent pharmacy closures and higher patient costs.
- State public PBM models and recent regulator actions show reform can cut costs and improve access, but the federal law still leaves conflicts of interest, weak penalties, and enforcement risks that could limit its impact.