The Cure is Worse Than the Disease: Arkansas’ PBM Law Shows Why Economic Amnesia Is Dangerous

There’s an old saying in medicine: First, do no harm. In economics, we might borrow that line—if policymakers could just remember the harm they’ve already done.

Arkansas’ now-paused attempt to ban pharmacy benefit managers (PBMs) from owning pharmacies wasn’t just misguided. It was an act of economic amnesia. And thanks to a federal judge’s injunction, we’ve been spared—for now—the consequences of another “cure” that ignores the disease.

Let’s call this what it is: political frustration dressed up as reform—but aimed at the wrong target.

Last week, U.S. District Judge Brian Miller issued a preliminary injunction against Arkansas’ first-in-the-nation law targeting PBMs with retail pharmacy operations—companies like CVS and Express Scripts. The judge ruled that the law was likely discriminatory because Arkansas had not exhausted all other avenues before

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