What is this doom text I just received from CVS pharmacy about PBM's?

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In 2011, CVS Caremark Rx was the nation's second-largest PBM. It was subject to a class action lawsuit in Tennessee, which alleged that Caremark kept discounts from drug manufacturers instead of sharing them with member benefit plans, secretly negotiated rebates for drugs and kept the money, and provided plan members with more expensive drugs when less expensive alternatives were available. CVS Caremark paid $20 million to three states over fraud allegations

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Driving HB264 forward has been Bass, a 44-year-old Allstate agent who is the vice chair of the insurance committee. Sen. Kirk Talbot, R-Harahan, the committee chair, deputized Bass to try to fashion a bill that could win legislative approval.

Bass said he concluded that pharmacy benefit managers were using their power to block some drugs from coming to market and that employers and consumers are not receiving enough of the discounts negotiated by pharmacy benefit managers with drug manufacturers.

Bass said he met with lobbyists from all sides and worked until midnight with legislative staff late on Monday and Tuesday night to confect the final language for changes in HB264.

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Pharmacy Benefit Managers (PBMs) face criticism due to concerns about their impact on drug costs, patient access, and the health care system. Specifically, PBMs are criticized for practices like spread pricing, conflicts of interest, lack of transparency, and monopolistic practices that can lead to higher drug prices, fewer options for patients, and potentially harm to independent pharmacies.

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The three largest pharmacy benefit managers (PBMs) in the U.S. are CVS Caremark, Cigna's Express Scripts, and UnitedHealth Group's Optum Rx. These three PBMs collectively account for approximately 80% of all prescription claims.

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