Novo Nordisk (Ozempic)

5246.874 - 5272.178 Ben Gilbert

PBMs created what's called a formulary, which is basically a big ledger, a big list of drugs and the prices. And obviously today, that is less necessary because there's less fragmentation given all the mergers that have happened. But the PBMs still establish themselves as a key sort of immovable piece of this puzzle. So are they sort of like agents now? Is that the right way to think about them?