State pharmacy boards with the authority to oversee pharmacy benefit managers have an inherent conflict of interest, according to a paper by Emory University law professor Joanna Shepherd. Pharmacists who sit on pharmacy boards are PBMs' market adversaries and have both incentive and opportunity to "exert their regulatory authority in ways that benefit pharmacies at the expense of PBMs" and "increase the prices that consumers and third parties must pay for prescription drugs," Shepherd writes.

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