Healthcare Stocks Fall on Controversy

This is a Cigna news story, published by CNBC, that relates primarily to UnitedHealth Group news.

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Health stocks

CNBC

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Health care stocks fall as lawmakers, patients push for changes to their business models

Summary

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82% Informative

Shares of major healthcare companies fell nearly 5% on Wednesday on concerns related to potential changes to their business models.

That includes UnitedHealth Group , Cigna and CVS Health , which operate three of the nation's largest private health insurers and drug supply chain middlemen called pharmacy benefit managers.

The stock reaction appeared to be in response to new bipartisan legislation that aims to break up PBMs.

PBMs have faced years -long scrutiny from Congress and the Federal Trade Commission over allegations they inflate drug costs for patients to boost their profits.

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Informative language

Neutral language

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formal

Language

English

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not offensive

Hate speech

not hateful