Gray, Charles; Alpert, Abby E.; Sood, Neeraj - National Bureau of Economic Research - 2023
The pharmaceutical market has experienced a massive wave of vertical integration between pharmacy benefit managers … integration in Medicare Part D-vertically integrated insurers' market share increased from about 30% to 80% between 2010 and 2018 …. Next, we evaluate a large insurer-PBM merger in 2015 to assess the trade-offs of vertical integration-harms to competition …