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03-26-2018 - AAI Calls on DOJ to Block the Merger of CVS-Aetna — Vertical Integration Will Restructure Important Healthcare Markets, to the Detriment of Competition and Consumers

In a letter to the U.S. Department of Justice, the American Antitrust Institute (AAI) called on the agency to block the proposed merger of retail pharmacy and PBM giant CVS and Big 5 health insurer Aetna. CVS-Aetna would pair up the largest retail pharmacy chain and one of the two largest PBMs with the third largest health insurer in the U.S. The proposed merger raises a number of questions for competition and consumers. The AAI letter focuses on the merger’s potential to enhance the incentive of CVS-Aetna to exclude rivals and facilitate anticompetitive coordination among health insurers served by PBM CVS-Caremark. CVS and Aetna already wield significant market power in the retail pharmacy, PBM, and health insurance markets. High concentration in these markets exacerbates competitive concerns. Market idiosyncrasies heighten the proposed merger’s potentially anticompetitive effects. These include the role of health insurers in paying for most prescriptions filled and of PBMs in managing the flow of prescription drugs to millions of Americans, and PBM markets that lack important transparency.

04-09-2018 - AAI Highlights Need to Realign Merger Remedies With the Goals of Antitrust

In a white paper released today “Realigning Merger Remedies with the Goals of Antitrust,” the American Antitrust Institute makes the case for why remedies policy may be at an important inflection point. The paper notes that we do not yet know the full extent to which rising concentration, slowing rates of startups, and widening inequality gaps are the product of the lax antitrust enforcement that has prevailed in U.S. for three decades. But as the story continues to unfold, it remains clear that merger enforcement should be high on the antitrust agenda.

04-09-2018 - Speaker Line Up Announced for AAI Annual Conference

2018 marks the American Antitrust Institute’s 20th anniversary as the leading independent, nonprofit organization devoted to promoting competition that protects consumers, businesses, and society. In celebration of this important milestone, on Thursday, June 21, 2018, the American Antitrust Institute will host its 19th Annual Conference “Antitrust at a Crossroads: Plotting the Policy Course for the Next Decade.”

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Working Papers

The AAI Working Paper Series contains scholarly papers encompassing all aspects of antitrust, including the legal, economic, finance, management, and institutional analysis and perspective that makes antitrust policy a unique field of study. The series provides quick dissemination to the antitrust community of high-quality analysis and commentary on timely issues and offers the potential for authors to obtain feedback useful to ultimate publication that will advance the field of study in antitrust. These papers are posted as works in progress, which are usually expected to be published elsewhere in revised form later.

The Working Paper Series Guidelines are available here.

AAI Working Paper No. 13-01: The Dormant Commerce Clause, Anticompetitive State Regulation, Competition and Consumers

Jan 04 2013

Kexin Li

Working Papers

AAI Working Paper No. 12-07: Competition Policy in the Financial Crisis

Dec 17 2012

Kevin Kim

Working Papers