Donald Trump Jr. has joined billionaire entrepreneur Mark Cuban in publicly voicing disapproval of Sen. Elizabeth Warren (D-Mass.)’s approach to healthcare pricing.
Despite their political differences, Trump Jr. and Cuban found a common point of contention in Warren’s healthcare pricing strategy. They criticized the senator for not addressing the role of pharmacy benefit managers (PBMs) in escalating drug costs.
Warren had previously argued that the tax system was “rigged” because large pharmaceutical companies like Johnson & Johnson (NYSE:JNJ) often escape federal taxes while charging exorbitant prices for their drugs.
She wrote on X saying that the "highest drug prices in the WORLD while often paying ZERO dollars in federal taxes themselves."
Cuban countered this by stating that PBMs, not pharmaceutical companies, are the ones controlling and manipulating drug pricing.
Also Read: Cuban on Musk: ‘I Have No Problem Throwing Elon Under the Bus, but I’ll Save It for When It’s Truly Deserved’
Trump Jr. publicly supported Cuban’s viewpoint on X, despite Cuban’s well-known opposition to President Trump. This unexpected agreement highlights the growing concern over the role of PBMs in healthcare pricing.
PBMs have been facing increasing scrutiny from federal regulators and lawmakers due to their influence on healthcare pricing.
In 2020, the Federal Trade Commission released a report criticizing PBMs for imposing unfair terms on independent pharmacies, thereby favoring large corporate pharmacies like CVS (NYSE:CVS).
The public criticism from Trump Jr. and Cuban underscores the growing debate over the role of PBMs in healthcare pricing.
Warren’s focus on pharmaceutical companies, while not entirely misplaced, overlooks the significant influence of PBMs in determining drug prices.
The Federal Trade Commission’s report from last year further highlights the need for regulatory scrutiny of PBMs. As the debate continues, it remains to be seen how lawmakers will address the issue of healthcare pricing and the role of PBMs in the future.
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