Shares of major healthcare companies UnitedHealth Group, Cigna, and CVS Health fell over 5% on Wednesday amid growing concerns over bipartisan legislation targeting pharmacy benefit managers. The proposed Senate bill seeks to force health insurers and PBMs to divest their pharmacy businesses within three years, citing conflicts of interest. PBMs, responsible for managing drug costs, face allegations of inflating prices and harming small pharmacies. The legislative push, coupled with heightened public scrutiny following the recent fatal shooting of UnitedHealth Group's insurance arm CEO, has placed the sector under intense pressure.
