Miss. Law Muddies the Medco Story

Nolan Mettetal, a pharmacist-turned-state senator, is savoring a rare victory over the powerful pharmacy benefit management industry.

Last month, Mettetal convinced his fellow Mississippi lawmakers to support a controversial bill that gives the state pharmacy board some power over loosely regulated PBM companies like Medco (MHS Quote) and Caremark (CMX Quote). The bill, hotly contested and once considered doomed, passed both Mississippi chambers without a single dissenting vote and went on to gain the governor's blessing on Wednesday.

"We have allowed PBMs to go along pretty much at will and do as they have wished," Mettetal told TheStreet.com on Thursday. "It's time to do a little more about it." ...