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Stocks of drug distributors and PBM-owners surge after Trump administration pulls rebate proposal

Shares of drug distributors and pharmacy-benefit-manager owners got a boost on Thursday after the Trump administration said it would be withdrawing its plan to overhaul the rebates that drugmakers give to middlemen in Medicare.

The administration, which is making lowering drug costs for Americans a key priority, had said such a proposal would help drive down the prices people pay for prescription medications. However, that would have been a blow to drug distributors and pharmacy-benefit managers, or PBMs.

PBMs act as middlemen between drugmakers and insurance plans, negotiating discounted prices on branded prescription drugs in the form of a rebate.

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