President-elect Donald Trump pledged earlier this week that he will “knock out the middlemen,” in a jab against pharmacy benefit managers (PBMs). Major health insurers Cigna (CI), UnitedHealth Group (UNH), and CVS Health (CVS) saw their stock prices drop following this statement in Tuesday’s session, but appear to be recovering in Wednesday trading.

“They’re helping patients kind of manage through the treatment paradigm with respect to which drugs to take, which formulary drugs are on, and kind of managing that whole process. So there is a benefit they are providing,” Mizuho Healthcare Equity Strategist Jared Holz tells Madison Mills and Brad Smith on the Morning Brief.

“Within the construct of the industry, there are so many players that are making tons of money in the middle here — we have to be cognizant of that. And it’s a little bit akin to what Trump said in his first term or first administration. So some consistencies here… there are definitely some truths to it,” Holz says, labeling wanted healthcare reform to be a partisan effort.

Holz goes on to illustrate what reform could look like under a second Trump administration, namely whether these companies will have to take on any rightsizing approaches.

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This post was written by Luke Carberry Mogan.