By the way, who are these PBM guys?

Glad you asked — have I got the primer for you.

Here’s my quick take: The two smaller, largely overlooked, companies testifying today — Humana and Prime Therapeutics — have the best story to tell. Namely, they have business models that clearly don’t benefit from rising rebates. If Prime and Humana can do most of the talking, PBMs will be able to put to bed the allegation that their modus operandi is to profit off of ever-increasing drug prices. But of course, it’s the big three — CVS, Optum and Cigna — that control the overwhelming market share here, so it’s possible they’ll get far more of the questions.

And one more thing to keep an eye on: “Big Pharma” gets a lot of attention for its presence on Capitol Hill. But “Big PBM” is no slouch either. CVS Health, for example, spent $6.5 million lobbying last year, and has a notable roster of lobbyists on its payroll, including Amy Rosenbaum, a former director of legislative affairs in the Obama White House and the former policy director for Speaker Nancy Pelosi (D-Calif.). Today’s hearing will be a good sign of whether they’re getting a real return on that investment. Read more.