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Illustration: Sarah Grillo/Axios

Mergers between health insurers and pharmacy benefit managers have been billed as a way to save employers money. But half of employers don't expect that to happen, according to a new JPMorgan survey.

Driving the news: In JPMorgan's survey of top human-resources executives from 50 companies, exactly 50% said they don't think integrating medical and drug benefits under one roof will "drive overall health care savings."

What they're saying: Here are some of the anonymous quotes JPMorgan gathered from respondents on the skeptical side:

  • "There's too much money to be made. They're not offering integrated services to give up revenue."
  • "I am not sure why going back to how it was will magically result in overall savings."
  • "More ways to hide money."

The other side: Even among the other 50% — the executives who were more optimistic about savings — that optimism was tempered.

  • "Conceptually, this should mean greater influence over prescribing patterns. To date, in my opinion, it hasn't," one executive said.

Between the lines: As we wrote last year, this spate of consolidation among insurers and PBMs would not have happened unless those companies were pretty sure they could hang on to a lot of the savings they produced.

  • Employers can always switch insurance carriers if they think they are getting overcharged. But they rarely do so, because they don't want the employee backlash that's associated with overhauling health benefits.

Go deeper: Health insurance is as big as Big Tech

Go deeper

Updated 40 mins ago - Energy & Environment

Ransomware attack forces shutdown of major U.S. fuel pipeline

A police officer stands guard inside the gate to the Colonial Pipeline Co. Pelham junction and tank farm in Pelham, Alabama, in 2016. Photo: Luke Sharrett/Bloomberg via Getty Images

A major U.S. fuel pipeline running from Texas to New York has been taken offline by its operator because of a ransomware attack, Colonial Pipeline said Saturday.

Why it matters: It's a significant breach of critical infrastructure and comes on the heels of multiple other major cyberattacks on both U.S. companies and the federal government.

Erica Pandey, author of @Work
1 hour ago - Economy & Business

The wealthy exodus from superstar cities

Pandemic-induced remote work is chipping away at a recent trend of Americans staying put — but only for the well-off.

Why it matters: Telework has been lauded as a geographic equalizer, allowing talented people from all over the country to go for jobs in superstar coastal metros. But the benefits have largely been limited to wealthier workers — so far.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: The end of quarantine — CDC updates guidance on airborne COVID-19.
  2. Politics: Oklahoma secures $2.6 million refund for hydroxychloroquine purchase — Why Biden's latest vaccine goal is his hardest yet.
  3. Vaccines: Pfizer begins application for full FDA approval of COVID-19 vaccine — Moderna says its COVID booster shot shows promise against variants.
  4. Economy: U.S. adds just 266,000 jobs in April, far below expectations.
  5. World: Asia faces massive new COVID surge.
  6. Variant tracker: Where different strains are spreading.