Mark Cuban Corrects Elizabeth Warren As She Slams JNJ, PFE For Higher Prices And Zero Taxes On Big Pharma: ‘PBMs Corrupt Healthcare’

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A hot debate over the American health care system erupted on X, urging the billionaire entrepreneur Mark Kobe Against the years Elizabeth Warren (D-MASS) on the root causes of the high prices of medicines.

What happened: Clash, which is unveiled from Friday, referred to discussions on pharmacy allocations (PBMS) and tax practices of Big Pharma, with the Senate’s readiness to address reform amid growing general audit.

Enter Cuban, the owner of Dallas Martericks and Cost Plus Drugs, who was once again released with a pointed correction.

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In a publication quoted by Warren, Kobe argued that PBMS – not large drugs – are the real guilty behind the prices of enlarged drugs.

“The corrupt PBMS for healthcare”, as he wrote, explaining that these mediators control the formula and deal with prices to increase the discount revenues to the maximum, as three main PBMS negotiate over more than 90 % of the discounts for commercial insurance plans.

Warren, in her post, blames drug giants like Johnson and Johnson (Nyse: jnj) and Pfizer Inc. (NYSE: PFE) to impose fees on Americans, “The highest drug prices in the world”, with “zero dollars in federal taxes”.

Quoting data from the role of the Senate Finance Committee, Warren highlighted how these companies, along with Abbvie Inc. (NYSE: ABBV), Amgen Inc. (NASDAQ: AMGN), and Merck & Co Inc. (NYSE: MRK), took advantage of tax gaps from the 2017 tax cuts and jobs to protect billions of profits.

“Republicans want to make it worse. I am fighting,” I declared, sharing the title of CNBC and urged us to make what you call a “counterfeit tax system”.

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Why do it matter: The Cuban was a critic of the healthcare system, saying it should be simple. According to him, it became very complicated by large insurance companies and PBMS.