A key industry standard-setting group paved the way for wholesalers and other third-party entities to compete with pharmacy benefit managers for a new role in the Trump administration’s proposed rebate system in Part D and Medicaid managed care. Currently, PBMs pay pharmacies for drugs, then they get rebates from drug makers that are passed to plans, though PBMs often keep some of the rebates. Under the new rebate proposal, drug makers would pay the rebates, directly or indirectly, to the...