pbm reform is a bipartisan issue and there are still pieces that the pbm industry does not like and the drug industry may not like, so they are still powerful. whether these things make it across the finish line is not a sure thing. host: when did we start having pbm's, pharmacy benefit managers , and when was it created? guest: i think it was in the 1990's. we were aware of them in the 1990's. as they said, they said to insurance companies, we can negotiate separately with drug companies and will get you a better deal. very much like what medicare advantage said, we can save you money and it is a win-win for everybody and it has not always been that way. guest: -- host: when the pbm executives were on capitol hill earlier this year and sitting alongside the drug company execs, which way were the fingers being pointed? guest: always at each other. it's a big problem and somebody else's fault, all of these problems. host: who did the members seem to agree with? guest: the members were maybe a bit confused. it's hard to tell, and that is why they are working on transparency legislation. i

so the pbms are no longer independent. many of them belong to insurance companies picked up the largest ones belong to insurance companies but now they are captive and it really is hard to know what's going on and i think members of congress in both parties are very frustrated about this because they are getting calls like we just heard of people have drugs they have to take to stay healthy come to stay alive in some cases in your costing them more money than they have. >> host: on the disagreement side that might be coming things that we talked about abortion, transgender care. on the agreement cites the pbm reform anything else fall into that agreement category? >> guest: congress is working to reauthorize the community health status program which includes a number of programs to train doctors particularly for primary care which there's a shortage particularly primary care doctors. >> host: what does that mean? >> guest: it's very popular again bipartisan federal program that offers medical care in underserved places. in

makes every customer of a pbm embedded in caremark that they have to think and renegotiate.g that puts pressure on an industry that is opaque or shining a light on anything opaque makes me very concerned. is it cheap here? yes, but even if the earnings stay, even if it is a much lower bleed then i think, people will be pessimistic about the future potential of those margins. it reminds me of jeep. they are still making a bunch of money, but people are saying what is going to happen in the future? i had to just say, do you know what? i like it, but i'm out. i am done. you can certainly take it off the monitor for a few days, so that helps. >> we are also in an election cycle. now let's bring in a healthcare portfolio manager. les, do you own cvs? >> no, we do not own cvs but we own united health and that is down for the players and there is a reason for it. you were alluding to it, right? it is not just this is not a material hit to cvs, but it's amazon getting into healthcare which always has a disproportionate reaction to stocks, right? and healthcare. you alluded to the po

pbm reform is a bipartisan issue and there are still pieces that the pbm industry does not like and theindustry may not like, so they are still powerful. whether these things make it across the finish line is not a sure thing. host: when did we start having pbm's, pharmacy benefit managers , and when was it created? guest: i think it was in the 1990's. we were aware of them in the 1990's. as they said, they said to insurance companies, we can negotiate separately with drug companies and will get you a better deal. very much like what medicare advantage said, we can save you money and it is a win-win for everybody and it has not always been that way. guest: -- host: when the pbm executives were on capitol hill earlier this year and sitting alongside the drug company execs, which way were the fingers being pointed? guest: always at each other. it's a big problem and somebody else's fault, all of these problems. host: who did the members seem to agree with? guest: the members were maybe a bit confused. it's hard to tell, and that is why they are working on transparency legislation. it's ha

marking up the price of the drug i'm not talking about the cvs pharmacy, i'm talking about the cvs pbmill not partner with you anymore. you are taking people for a ride too many kickbacks in the industry. one drug where they were marking it up tremendously. not allowing people to get the lower cost equivalency drug. good job to this country for standing up to this. >> you need to wait and the power and the influence of our pbm to get the drug prices down. final word. >> independent pharmacies across the country out of business. they will give the pharmacy $5 for a drug and then charge the employer 100. that should be banned. >> dr. marty makary thank you. thank you for watching. you're watching "the evening edit" on foxbusiness. a rock 'n' roll show for you next. coming up. >> thank you. ♪ >> great friday evening.

because they were supposed to get rid of -- >> investment bankers went wild. >> the idea is if the pbms >> and it's going to be better for the customer but never is. >> right, nothing changed. >> certain times you can't even tell what the price of something is it's so convoluted with all the middle men and drug places blame the middleman. >> this is a mail order business they might struggle with that aspect of it, not going into the pharmacy and talking to somebody but i think these price moves premarket are warranted because this does feel like a big shake-up very interesting to watch what mark cuban does here >> if it's down 5% just on this news, you have to believe something's really happening i don't know if it is yet. it may take much longer. >> you know institutions better than anybody there's a sense of once one person does it, it may clear the way. >> others may try. >> no one wants to be the first but once the first one goes, it can start to pick up momentum, unless someone has a bad experience >> it should be the best experience in town you can take a pill rather than being in

. >> the pbm. they're all bad actors. it is a big target. here is the potential. wonder if i can sing this song of any of these. i don't see o-o-ozempic. they all have songs and they are all advertised on "nightly news." eliquis. symbicort. januvia. jardiance. is that your list, jared? does that look right? >> that is roughly the list. eliquis is the big one. there are a couple of blood thinners on here. xarelto on here. diabetes drugs. oncology drugs. that sounds roughly right. we all tried to run through what the top ten drugs might be. what companies are impacted. when i looked at it, bristol, merck, pfizer, abbvie are the top impacted. >> what with's the rational? >> this will kick in in 2026. we have a couple of years before it is implemented. we are seeing pharma work around it. pfizer has done six acquisitions or attempting to do the sixth acquisition in less than two years with seagen. amgen is trying to lock up horizon. a lot of mm&a is taking place sdpplace. >> would you make a decision to hold on to them or buy them? >> we have been in a holding pattern