Our narrow economic moat rating for UnitedHealth Group reflects our generally narrow-moat view of the US health insurance and PBM industries that includes an unclear outlook for economic profitability ...
The FTC report found that from 2017 to 2022, three PBMs—UnitedHealth Group's Optum, CVS Health's CVS Caremark and Cigna's Express Scripts—marked up prices at their pharmacies by hundreds or thousands ...