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  "documentTitle": "Progyny, Inc. (PGNY)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-02-07 00:00:00",
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  "notes": "Uses DOJ and FTC press releases as primary evidence to undermine the subject's credibility.",
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      "text": "\"We have found that Medco has given favorable treatment to Merck drugs. As a result, in some cases, consumers have been denied access to the drugs of competing manufacturers. In addition, the merger has made it possible for Medco to share with Merck sensitive pricing information it gets from Merck's competitors, which could foster collusion among drug manufacturers.\"",
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      "text": "\"Medco...submitted false claims to the government, solicited and accepted kickbacks from pharmaceutical manufacturers to favor their drugs, and paid kickbacks to health plans to obtain business\"",
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      "kind": "callout",
      "text": "Holstein claims that he \"helped create the business of prescription benefit management\". We note that years later, Medco was subsequently the target of several government judgements.",
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      "text": "Department of Justice press release regarding $155 million settlement",
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      "text": "Merck Settles FTC Charges that Its Acquisition of Medco Could Cause Higher Prices and Reduced Quality for Prescription Drugs",
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      "text": "Holstein claims that he \"helped create the business of prescription benefit management\". We note that years later, Medco was subsequently the target of several government judgements. In fact, the entire PBM sector has been targeted for government evaluation of rampant unfair business practices. Holstein has never been implicated by any federal agency for his role in the industry he claims to have helped create.",
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      "text": "\"We have found that Medco has given favorable treatment to Merck drugs. As a result, in some cases, consumers have been denied access to the drugs of competing manufacturers. In addition, the merger has made it possible for Medco to share with Merck sensitive pricing information it gets from Merck's competitors, which could foster collusion among drug manufacturers.\" — Federal Trade Commission",
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      "text": "Source: FTC press release, DOJ press release",
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      "kind": "title",
      "text": "Is This The Business Model That Holstein \"Created\"?",
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      "text": "Government Judgments Against Medco Based on Actions During Holstein's Tenure",
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