Oil prices also jumped, with the global benchmark Brent crude briefly hitting $82 (£61) a barrel on Monday, after at least three ships were attacked near the Strait of Hormuz at the weekend.
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For decades, reformers have tried to move American health care away from cost-plus reimbursement and open-ended fee-for-service medicine toward competition, in which private plans negotiate hard and shift business to those offering better value. The new PBM regime would move in the opposite direction: toward regulatory supervision, standardized participation, and reduced discretion.
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