[anthuswilliams]

The claim about who subsidizes who was always hyperbole, I'll grant you that. I included the statement to make the point that this is the phenomenon people are referring to when they make that statement.

I happen to think there is validity to the statement if you control for other actuarial factors. But if you don't think that makes sense as a lens through which to look at the problem, I won't quibble, even though I disagree. We're also only talking about drug prices here, which is a small portion of overall healthcare spending.

In any case, the central point, that insurers benefit from higher prices, still stands.

[lotsofpulp]

> In any case, the central point, that insurers benefit from higher prices, still stands.

All sellers benefit from higher prices. No one limits the price they ask for out of the goodness of their hearts. Lower prices are because a competitor offers a lower price, and because buyers can’t pay a higher price.