AJ joins Frederic Laurier and Pierre-Alain Rikkers at Alantra to discuss the lack of transparency and complexity in drug pricing and the oligopolistic PBM industry structure, perpetuating a convoluted reimbursement system. He argues that PBMs exploit the system’s opacity for profit through “casino economics,“ with practices like spread pricing and clawbacks that financially penalize pharmacies, creating inefficiencies and inequities.