To help reduce drug prices, the U.S. FDA may be contemplating a ban on drug rebates, according to Commissioner Scott Gottlieb. Others in the administration, including CMS Administrator Seema Verma, have criticized rebate programs, but Gottlieb’s not-so-veiled threat is something new. The consequences for pharma, payers and patients would be significant, but it may be PBMs with the most to lose. All this is happening while the PBM sector is in the midst of consolidation. Explore the implications for the healthcare industry. Gain insight into the rationale for this potential policy shift, examine the historical context of rebates, and learn how PBMs are responding to this threat.