The healthcare industry in the United States is facing a crisis, with high costs and low quality of care. The culprit? Big Medicine, a term used to describe the powerful conglomerates that control the healthcare system. These companies, including pharmacy benefit managers (PBMs), insurance conglomerates, and wholesale drug distributors, have been driving up costs and pushing independent providers out of business. The situation is so dire that it's comparable to the systemic risks posed by the common ownership of commercial and investment banks during the Great Depression. But there is a solution: breaking up these monopolies. The Break Up Big Medicine Act, introduced by Senators Elizabeth Warren and Josh Hawley, would prohibit insurers, PBMs, and wholesalers from owning or controlling healthcare providers, including medical practices and pharmacies. This would lower healthcare costs and promote competition, ultimately improving the quality of care for patients. Public support for this kind of legislation is mounting, with business leaders like Mark Cuban endorsing the idea. The American Economic Liberties Project, along with a coalition of 25 organizations, is part of the movement to break up Big Medicine. While the Break Up Big Medicine Act won't heal all of the system's problems, it will begin the path to recovery. It's time to take a stand against the powerful monopolies that are destroying the healthcare system. The future of healthcare depends on it.
