The Harbor Freeway at rush hour in Los Angeles. (Photo: Joseph Sohm, via Shutterstock)
OPINION: The California Department of Insurance, having identified a disparity, has established a worthy goal of expanding auto insurance discounts to more low-income consumers and communities of color. But as it pursues that goal, the department must keep in mind a foundational principle in healing problems: Do no harm.
A pharmaceutical worker examines drugs at a dispensary. (Photo: i viewfinder, via Shutterstock)
The PBMs originated in the 1960s to help health plans, self-insured employers and government entities, among others, to negotiate prescription drug prices and efficiently distribute medications. Since then, they have evolved into a money-making industry without regulations, experts say. By one estimate, three major PBM companies had a staggering $270 billion in revenues in 2014.