<p>在对国家医疗定价结构进行全面改革时，<strong>唐纳德·特朗普</strong> 总统于周四推出了 “伟大的医疗计划”，明确针对 药房福利管理者（PBMs）支付的 “回扣”。</p>
<h2><strong>打击 ‘回扣’</strong></h2>
<p>该提案旨在削减 药品价格 和保险费，得到了行业专家的认可，他们将这些中介费用视为一种掠夺性的 “回扣”，人为地抬高了患者的成本。</p>
<p>总统计划的核心是要求 “结束药房福利管理者向大型经纪中介支付的回扣。”</p>
<p>白宫声称这些支付 “欺骗性地提高了健康保险的成本”，这一说法得到了总统承诺停止向大型保险公司发放补贴的支持，而是将资金直接分配给符合条件的美国人。</p>
<p>“大型保险公司失利，而我们国家的人民获胜，” 特朗普在宣布演讲中表示，承诺将锁定处方 药物 的 “巨额折扣”。</p>
<blockquote>
<p>伟大的医疗计划。</p>
<p>唐纳德·J·特朗普总统推出伟大的医疗计划，以降低成本并直接将资金交给美国人民。🇺🇸 pic.twitter.com/VWtNZzNbQC</p>
<p>— 白宫 (@WhiteHouse) 2026 年 1 月 15 日</p>
</blockquote>
<h2><strong>专家验证 ‘回扣’</strong></h2>
<p>独立分析证实了政府对 PBM 问题 的诊断。在 1 月 12 日的 讨论 中，医疗专家 <strong>瓦里斯·博卡里</strong>，Claimable 的创始人，将 PBM 模式描述为一种 “付费游戏” 系统。</p>
<p>他解释说，PBM 实际上是根据回扣设定药品菜单——这种费用结构他比作 “回扣”——而不是基于患者的疗效。</p>
<p>“如果你是制造商，想要接触到大约三分之一的投保人群……回扣需要达到这个规模，” 博卡里解释说，并指出如果去掉 PBM，制造商会将药品定价 “降低五倍”。</p>
<h2><strong>透明度与 ‘通俗英语’</strong></h2>
<p>除了定价外，该计划要求制定 “通俗英语 保险” 标准，要求保险公司发布费率和覆盖范围的比较，而不使用 “行业术语”。这与专家的警告一致，模糊的术语如 “有效索赔” 常常未被定义，以便于拒绝。</p>
<p>白宫呼吁 “前所未有的问责制”，新的框架为政府与医疗游说团之间的重大对抗奠定了基础。</p>
<p>以下是一些主要的 PBM 运营商和一些投资者可能考虑的制药 ETF，基于对医疗系统改革的持续呼声。</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>股票</strong></td>
<td><strong>年初至今表现</strong></td>
<td><strong>一年表现</strong></td>
<td><strong>六个月表现</strong></td>
</tr>
<tr>
<td>CVS Health Corp. (NYSE: CVS)</td>
<td>1.54%</td>
<td>56.58%</td>
<td>27.52%</td>
</tr>
<tr>
<td>Cigna Group. (NYSE: CI)</td>
<td>-0.42%</td>
<td>-1.08%</td>
<td>-9.12%</td>
</tr>
<tr>
<td>UnitedHealth Group Inc. (NYSE: UNH)</td>
<td>0.76%</td>
<td>-33.61%</td>
<td>15.89%</td>
</tr>
</tbody>
</table>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>制药 ETF</strong></td>
<td><strong>年初至今表现</strong></td>
<td><strong>一年表现</strong></td>
<td><strong>六个月表现</strong></td>
</tr>
<tr>
<td>VanEck Pharmaceutical ETF (NASDAQ: PPH)</td>
<td>1.27%</td>
<td>21.46%</td>
<td>19.51%</td>
</tr>
<tr>
<td>iShares US Pharmaceuticals ETF (NYSE: IHE)</td>
<td>1.36%</td>
<td>28.20%</td>
<td>26.85%</td>
</tr>
<tr>
<td>Invesco Pharmaceuticals ETF (NYSE: PJP)</td>
<td>0.36%</td>
<td>26.32%</td>
<td>25.90%</td>
</tr>
<tr>
<td>SPDR S&amp;P Pharmaceuticals ETF (NYSE: XPH)</td>
<td>1.49%</td>
<td>27.40%</td>
<td>32.55%</td>
</tr>
<tr>
<td>KraneShares MSCI All China Health Care Index ETF (NYSE: KURE)</td>
<td>9.55%</td>
<td>40.90%</td>
<td>4.96%</td>
</tr>
<tr>
<td>First Trust Nasdaq Pharmaceuticals ETF (NASDAQ: FTXH)</td>
<td>1.12%</td>
<td>23.49%</td>
<td>27.00%</td>
</tr>
<tr>
<td>Direxion Daily Pharmaceutical &amp; Medical (NYSE: PILL)</td>
<td>2.98%</td>
<td>60.82%</td>
<td>108.08%</td>
</tr>
</tbody>
</table>
<p><strong><em>免责声明：</em></strong> <em>本内容部分由 AI 工具生成，并由 Benzinga 编辑审核和发布。</em></p>
<p><em>图片来源：Shutterstock</em></p>

联合健康

<p>特朗普总统公布了 “伟大的医疗保健计划”，旨在通过针对药品福利管理者（PBMs）的回扣来降低药品价格。专家们支持该计划，称 PBM 费用为掠夺性的 “佣金”，抬高了成本。该提案包括结束这些回扣的强制性要求，并将资金重新分配给符合条件的美国人，而不是大型保险公司。此外，该计划还呼吁在保险条款上实现透明，以防止拒赔。此举可能会对医疗保健系统产生重大变化，并与医疗保健游说团体对抗</p>

<p>In an overhaul of the nation’s medical pricing structure, President <strong>Donald Trump</strong> unveiled “The Great Healthcare Plan” on Thursday, explicitly targeting the “kickbacks” paid by pharmacy benefit managers (PBMs).</p>
<div class="lb-trans"><p>在对国家医疗定价结构进行全面改革时，<strong>唐纳德·特朗普</strong> 总统于周四推出了 “伟大的医疗计划”，明确针对 药房福利管理者（PBMs）支付的 “回扣”。</p>
</div><h2><strong>The ‘Kickback’ Crackdown</strong></h2>
<div class="lb-trans"><h2><strong>打击 ‘回扣’</strong></h2>
</div><p>The proposal, which aims to slash drug prices and insurance premiums, has found validation from industry experts who characterize these middleman fees as a predatory “vig” that artificially inflates costs for patients.</p>
<div class="lb-trans"><p>该提案旨在削减 药品价格 和保险费，得到了行业专家的认可，他们将这些中介费用视为一种掠夺性的 “回扣”，人为地抬高了患者的成本。</p>
</div><p>The core of the President's plan is a mandate to “End kickbacks from pharmacy benefit managers to the large brokerage middlemen.”</p>
<div class="lb-trans"><p>总统计划的核心是要求 “结束药房福利管理者向大型经纪中介支付的回扣。”</p>
</div><p>The White House asserts these payments “deceptively raise the cost of health insurance,” a claim supported by the President’s pledge to stop sending subsidies to big insurance companies and instead route funds directly to eligible Americans.</p>
<div class="lb-trans"><p>白宫声称这些支付 “欺骗性地提高了健康保险的成本”，这一说法得到了总统承诺停止向大型保险公司发放补贴的支持，而是将资金直接分配给符合条件的美国人。</p>
</div><p>“The big insurance companies lose and the people of our country win,” Trump declared in his announcement speech, promising to lock in “massive discounts” on prescription drugs.</p>
<div class="lb-trans"><p>“大型保险公司失利，而我们国家的人民获胜，” 特朗普在宣布演讲中表示，承诺将锁定处方 药物 的 “巨额折扣”。</p>
</div><blockquote>
<p>THE GREAT HEALTHCARE PLAN.</p>
<p>President Donald J. Trump unveils the Great Healthcare Plan to lower costs and deliver money directly to the American people. 🇺🇸 pic.twitter.com/VWtNZzNbQC</p>
<p>— The White House (@WhiteHouse) January 15, 2026</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>伟大的医疗计划。</p>
<p>唐纳德·J·特朗普总统推出伟大的医疗计划，以降低成本并直接将资金交给美国人民。🇺🇸 pic.twitter.com/VWtNZzNbQC</p>
<p>— 白宫 (@WhiteHouse) 2026 年 1 月 15 日</p>
</blockquote>
</div><h2><strong>Experts Validate The ‘Vig’</strong></h2>
<div class="lb-trans"><h2><strong>专家验证 ‘回扣’</strong></h2>
</div><p>Independent analysis corroborates the administration’s diagnosis of the PBM problem. In a discussion from Jan. 12, on The Real Eisman Playbook, healthcare expert <strong>Warris Bokhari</strong>, founder of Claimable, described the PBM model as a “pay for play” system.</p>
<div class="lb-trans"><p>独立分析证实了政府对 PBM 问题 的诊断。在 1 月 12 日的 讨论 中，医疗专家 <strong>瓦里斯·博卡里</strong>，Claimable 的创始人，将 PBM 模式描述为一种 “付费游戏” 系统。</p>
</div><p>He explained that PBMs effectively set drug menus based on rebates—a fee structure he likened to a “vig”—rather than patient efficacy.</p>
<div class="lb-trans"><p>他解释说，PBM 实际上是根据回扣设定药品菜单——这种费用结构他比作 “回扣”——而不是基于患者的疗效。</p>
</div><p>“If you’re a manufacturer and you want to access like a third of the insured population… the rebate needs to be this size,” Bokhari explained, noting that manufacturers would price drugs “5x lower” if PBMs were removed from the equation.</p>
<div class="lb-trans"><p>“如果你是制造商，想要接触到大约三分之一的投保人群……回扣需要达到这个规模，” 博卡里解释说，并指出如果去掉 PBM，制造商会将药品定价 “降低五倍”。</p>
</div><h2><strong>Transparency And ‘Plain English’</strong></h2>
<div class="lb-trans"><h2><strong>透明度与 ‘通俗英语’</strong></h2>
</div><p>Beyond pricing, the plan demands a “Plain-English Insurance” standard, requiring insurers to publish rate and coverage comparisons without “industry jargon.” This aligns with expert warnings that opaque terms like “valid claims” are often left undefined to facilitate denials.</p>
<div class="lb-trans"><p>除了定价外，该计划要求制定 “通俗英语 保险” 标准，要求保险公司发布费率和覆盖范围的比较，而不使用 “行业术语”。这与专家的警告一致，模糊的术语如 “有效索赔” 常常未被定义，以便于拒绝。</p>
</div><p>With the White House calling for “unprecedented accountability”, the new framework sets the stage for a major confrontation between the administration and the healthcare lobby.</p>
<div class="lb-trans"><p>白宫呼吁 “前所未有的问责制”，新的框架为政府与医疗游说团之间的重大对抗奠定了基础。</p>
</div><p>Here’s a list of top PBM operators and some pharma ETFs that investors may consider, based on the ongoing calls for reform in the healthcare system.</p>
<div class="lb-trans"><p>以下是一些主要的 PBM 运营商和一些投资者可能考虑的制药 ETF，基于对医疗系统改革的持续呼声。</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Stocks</strong></td>
<td><strong>YTD Performance</strong></td>
<td><strong>One Year Performance</strong></td>
<td><strong>Six-Month Performance</strong></td>
</tr>
<tr>
<td>CVS Health Corp. (NYSE: CVS)</td>
<td>1.54%</td>
<td>56.58%</td>
<td>27.52%</td>
</tr>
<tr>
<td>Cigna Group. (NYSE: CI)</td>
<td>-0.42%</td>
<td>-1.08%</td>
<td>-9.12%</td>
</tr>
<tr>
<td>UnitedHealth Group Inc. (NYSE: UNH)</td>
<td>0.76%</td>
<td>-33.61%</td>
<td>15.89%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>股票</strong></td>
<td><strong>年初至今表现</strong></td>
<td><strong>一年表现</strong></td>
<td><strong>六个月表现</strong></td>
</tr>
<tr>
<td>CVS Health Corp. (NYSE: CVS)</td>
<td>1.54%</td>
<td>56.58%</td>
<td>27.52%</td>
</tr>
<tr>
<td>Cigna Group. (NYSE: CI)</td>
<td>-0.42%</td>
<td>-1.08%</td>
<td>-9.12%</td>
</tr>
<tr>
<td>UnitedHealth Group Inc. (NYSE: UNH)</td>
<td>0.76%</td>
<td>-33.61%</td>
<td>15.89%</td>
</tr>
</tbody>
</table>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Pharma ETFs</strong></td>
<td><strong>YTD Performance</strong></td>
<td><strong>One Year Performance</strong></td>
<td><strong>Six-Month Performance</strong></td>
</tr>
<tr>
<td>VanEck Pharmaceutical ETF (NASDAQ: PPH)</td>
<td>1.27%</td>
<td>21.46%</td>
<td>19.51%</td>
</tr>
<tr>
<td>iShares US Pharmaceuticals ETF (NYSE: IHE)</td>
<td>1.36%</td>
<td>28.20%</td>
<td>26.85%</td>
</tr>
<tr>
<td>Invesco Pharmaceuticals ETF (NYSE: PJP)</td>
<td>0.36%</td>
<td>26.32%</td>
<td>25.90%</td>
</tr>
<tr>
<td>SPDR S&amp;P Pharmaceuticals ETF (NYSE: XPH)</td>
<td>1.49%</td>
<td>27.40%</td>
<td>32.55%</td>
</tr>
<tr>
<td>KraneShares MSCI All China Health Care Index ETF (NYSE: KURE)</td>
<td>9.55%</td>
<td>40.90%</td>
<td>4.96%</td>
</tr>
<tr>
<td>First Trust Nasdaq Pharmaceuticals ETF (NASDAQ: FTXH)</td>
<td>1.12%</td>
<td>23.49%</td>
<td>27.00%</td>
</tr>
<tr>
<td>Direxion Daily Pharmaceutical &amp; Medical (NYSE: PILL)</td>
<td>2.98%</td>
<td>60.82%</td>
<td>108.08%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>制药 ETF</strong></td>
<td><strong>年初至今表现</strong></td>
<td><strong>一年表现</strong></td>
<td><strong>六个月表现</strong></td>
</tr>
<tr>
<td>VanEck Pharmaceutical ETF (NASDAQ: PPH)</td>
<td>1.27%</td>
<td>21.46%</td>
<td>19.51%</td>
</tr>
<tr>
<td>iShares US Pharmaceuticals ETF (NYSE: IHE)</td>
<td>1.36%</td>
<td>28.20%</td>
<td>26.85%</td>
</tr>
<tr>
<td>Invesco Pharmaceuticals ETF (NYSE: PJP)</td>
<td>0.36%</td>
<td>26.32%</td>
<td>25.90%</td>
</tr>
<tr>
<td>SPDR S&amp;P Pharmaceuticals ETF (NYSE: XPH)</td>
<td>1.49%</td>
<td>27.40%</td>
<td>32.55%</td>
</tr>
<tr>
<td>KraneShares MSCI All China Health Care Index ETF (NYSE: KURE)</td>
<td>9.55%</td>
<td>40.90%</td>
<td>4.96%</td>
</tr>
<tr>
<td>First Trust Nasdaq Pharmaceuticals ETF (NASDAQ: FTXH)</td>
<td>1.12%</td>
<td>23.49%</td>
<td>27.00%</td>
</tr>
<tr>
<td>Direxion Daily Pharmaceutical &amp; Medical (NYSE: PILL)</td>
<td>2.98%</td>
<td>60.82%</td>
<td>108.08%</td>
</tr>
</tbody>
</table>
</div><p><strong><em>Disclaimer:</em></strong> <em>This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.</em></p>
<div class="lb-trans"><p><strong><em>免责声明：</em></strong> <em>本内容部分由 AI 工具生成，并由 Benzinga 编辑审核和发布。</em></p>
</div><p><em>Photo courtesy: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

特朗普公布了 ‘伟大的医疗保健计划’，并将矛头指向 PBM 的 ‘回扣’