01:03 PM EST, 12/11/2024 (MT Newswires) -- (Updates with CVS' response in the fourth paragraph.)

A Senate bill sponsored by Sens. Elizabeth Warren, D-Mass., and Josh Hawley, R-Mo. that is set to be introduced would force companies that own health insurers or pharmacy-benefit managers, also known as PBMs, to divest their pharmacy businesses within three years, The Wall Street Journal reported Wednesday.

A companion bill is also set to be introduced Wednesday in the House, the Journal said.

The three largest PBMs -- CVS Health's ( CVS ) Caremark, Cigna's ( CI ) Express Scripts and UnitedHealth Group's ( UNH ) OptumRX -- belong to companies owning some of the nation's largest health insurers, according to the report.

"Any policies that would limit our ability to negotiate with drugmakers and pharmacies would ultimately increase the cost of medicine in the United States, and in many cases, serve as a handout to the pharmaceutical industry," a CVS spokesperson told MT Newswires.

Cigna ( CI ) and UnitedHealth ( UNH ) did not immediately reply to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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