Rite Aid announced it is declaring bankruptcy for the second time in less than two years. But this time it's final. The pharmacy chain's ignominious end is an instructional tale about a mismanaged company so fatally weakened it couldn't survive in the face of competition from monopolistic pharmacy benefit managers. But these PBMs, which now process four out of five prescriptions in the U.S., also threaten small independent pharmacies, writes Helaine Olen, managing editor at the American Economic Liberties Project.
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