Overview

• Donald Trump Jr. publicly joined Mark Cuban on X to argue that pharmacy benefit managers, not pharmaceutical companies, are driving up drug costs by controlling formularies and rebates.
• Mark Cuban cited a 2024 FTC report showing the three largest PBMs manage nearly 80% of U.S. prescriptions and negotiate the majority of rebates for commercial insurance plans.
• Senator Elizabeth Warren had earlier blamed big drugmakers like Johnson & Johnson and Pfizer for high prices and minimal federal tax contributions, prompting the debate over where responsibility lies.
• In April, Arkansas Governor Sarah Huckabee Sanders signed legislation prohibiting PBMs from owning, managing, or controlling state-licensed pharmacies in a bid to curb middlemen abuses.
• The Pharmaceutical Care Management Association swiftly sued Arkansas over the new law, warning it would restrict patient access to critical medications and pharmacy services.