In case you're wondering, this is how the rebates work: Pharmacy benefit managers negotiate rebates from drug manufacturers to insurers in exchange for better coverage terms -- often in the form of lower copays for brand-name drugs. This makes it more likely that the insurers' enrollees will choose that cheaper brand-name medication over a competitor's version. The pharmacy benefit managers, however, also keep a portion of the rebate for themselves.
The rebate figures are eye-popping. Insurers re…