[refurb]

Insurance is involved with a PBM, just not directly. Insurers are the end payer. They just hire the PBM to manage their pharmacy coverage and spend.

[lotsofpulp]

At least the 5 biggest insurers operate their own PBM, so I don’t see the distinction between PBM and insurer to be useful.

[maxerickson]

In second sentence, them=GoodRX.