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Theresa C. Carnegie

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[email protected]

+1.202.661.8710

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Theresa is a nationally recognized health care and pharmaceutical supply chain attorney who advises clients on PBM strategy, drug pricing, and the regulatory and transactional issues shaping the pharmaceutical industry. With more than 25 years of experience, she combines sophisticated legal judgment with deep industry insight to help clients navigate complex commercial, regulatory, and policy environments.

Theresa has extensive experience structuring, drafting, and negotiating transactions across the pharmaceutical supply chain, including PBM service agreements, retail, mail, and specialty pharmacy arrangements, pharmaceutical purchase and distribution agreements, GPO arrangements, and rebate and value-based contracting models. She regularly advises clients on reimbursement structures, drug pricing strategy, and compliance with federal and state fraud and abuse laws.

Her practice spans health care transactions and investment matters, where she represents clients in mergers, private equity and venture capital investments, and strategic collaborations. Theresa supports regulatory diligence, licensing, change-of-ownership filings, and risk assessment across complex health care and pharmaceutical supply chain deals.

Theresa counsels PBMs, health plans, pharmacies, and distribution stakeholders on operational, regulatory, and compliance matters across commercial, Medicare Advantage, Part D, and multistate health care markets. She helps clients evaluate structural design considerations, policy developments, and business opportunities associated with innovation in drug delivery, reimbursement, and emerging service models.

Recognized as an industry thought leader, Theresa frequently communicates timely updates on regulatory, policy, and market developments affecting clients in the pharmaceutical supply chain. She is a regular author and speaker on health care regulatory and PBM-related issues.

Theresa is a member of the Firm's Policy Committee.


Theresa has exceptional knowledge and expertise. She is creative and a highly effective negotiator.

- Healthcare Client, Chambers USA 2025

Experience

  • Represented Cigna as health regulatory counsel in its acquisition of Express Scripts.
  • Represented Catamaran (f/k/a CatalystRx) in the structuring and negotiation of its PBM services arrangement with CIGNA.
  • Represented national worker’s compensation PBM in connection with multiple worker’s compensation PBM acquisitions.
  • Represented a national specialty pharmacy provider in connection with an internal compliance audit and investigation and response to government investigation.
  • Advised national pharmacy chain in multiple specialty pharmacy and long-term care pharmacy acquisitions.
  • Represented SingleCare, a discount medical and pharmacy card operator (“DMPO”), in its contracting with pharmacies, providers and other vendors.
  • Served as regulatory counsel to a consortium of investors led by TPG Capital and Welsh, Carson, Anderson & Stowe in their $4.1 billion acquisition of Kindred Healthcare, Inc. (NYSE:KND). The transaction was recognized by The Deal as the 2018 Private Equity Deal of the Year.
  • Advised a global health care company on a variety of issues in connection with its acquisition of several health plans and provider groups, including health care regulatory due diligence, health care regulatory advice regarding transaction structure and strategy, and preparation of regulatory notices and other filings.
  • Advised national pharmacy chain in connection with government agency arrangement to provide accessible COVID-19 testing.
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viewpoints

Trump Signs Most-Favored-Nation Executive Order - Potential Impact on Drug Supply Chain

May 14, 2025 | Blog | By Theresa Carnegie, Lauren Moldawer, Bridgette Keller, Sophia Temis

President Trump issued his “Delivering Most-Favored Nation Prescription Drug Pricing to American Patients” Executive Order (Executive Order) this week.  The Executive Order seeks to reduce the price of drugs by requiring manufacturers to offer the United States most-favored-nation pricing, or in other words, the lowest price offered to any “comparably developed” foreign country that pays for the same drugs. 

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Arkansas Law Takes Unprecedented Step to Prohibit PBM Ownership of Pharmacies

May 6, 2025 | Blog | By Theresa Carnegie, Hassan Shaikh, Samantha Hawkins

Arkansas Governor signed Act 624 on April 16, 2025, banning PBMs from acquiring or holding a direct or indirect interest in a pharmacy. This state-led move may inspire similar laws elsewhere.

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Trump Administration Issues Drug Pricing Executive Order

April 30, 2025 | Blog | By Theresa Carnegie, Xavier Hardy, Samantha Hawkins, Abdie Santiago

On April 15, 2025, President Trump issued an Executive Order instructing federal agencies to implement a variety of drug pricing reforms. The Executive Order addresses drug pricing from several different angles, including pharmacy benefit manager (“PBM”) competition and transparency, Medicare and Medicaid drug pricing, international importation, and drug manufacturer competition (the “Executive Order”).

The Executive Order, which is the first significant action taken by the current Administration to address drug prices, echoes initiatives and policy statements announced during the first Trump Administration. However, most of the drug pricing reforms announced during the first Administration were never fully implemented. It is unclear how many of the proposals in this Executive Order will ultimately be implemented, but it does provide the clearest outline yet of the Administration’s policy priorities regarding drug prices.

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Mintz IRA Update — Fourth Edition: Q1 2025

February 13, 2025 | Article | By Rachel A. Alexander, Theresa Carnegie, Tara E. Dwyer, Lauren Moldawer, Hassan Shaikh, Stephnie John, Madison Castle, Mitchell Clough, Xavier Hardy, Samantha Hawkins, Alexander Hecht, Abdie Santiago

Mintz’s Pharmacy Benefits and PBM Contracting Practice is pleased to present the ‘Fourth Edition: Q1 2025’ of our Mintz IRA Update, a regular publication that delves into developments of the Inflation Reduction Act of 2022 (IRA) and their impact on pharmaceutical supply chain stakeholders.

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PBM Policy and Legislative Update — Winter 2025

February 10, 2025 | Blog | By Theresa Carnegie, Tara E. Dwyer, Rachel A. Alexander, Lauren Moldawer, Bridgette Keller, Priyanka Amirneni, Madison Castle, David Gilboa, Xavier Hardy, Samantha Hawkins, Stephnie John, Alison H. Peters, Pamela Polevoy, Abdie Santiago, Hassan Shaikh, Sophia Temis

The PBM Policy and Legislative Update — Winter 2025 edition builds upon prior PBM Policy and Legislative Updates and summarizes activity from October through December (2024) that affects the PBM industry. It highlights (i) federal activities, (ii) state activities, and (iii) other noteworthy events and trends affecting the PBM industry.

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Massachusetts Aligns with National Trends and Enacts Sweeping Legislation to Regulate Pharmaceutical Benefit Managers

January 24, 2025 | Blog | By Theresa Carnegie, Bridgette Keller, David Gilboa, Priyanka Amirneni

On the heels of a nationwide push to regulate pharmacy benefit managers (PBMs), Massachusetts enacted a landmark piece of legislation to increase transparency and oversight within the pharmaceutical supply chain, specifically targeting PBMs. Signed into law by Governor Healey on January 9, 2025, the comprehensive bill, titled “An Act Relative to Pharmaceutical Access, Costs and Transparency” (the Act), introduces a multifaceted approach that aims to reduce prescription drug costs, enhance data transparency, and impose stronger oversight of PBMs and pharmaceutical manufacturers.

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PBM Update: Special Edition - FTC Releases Second Interim Staff Report in PBM Inquiry

January 23, 2025 | Alert | By Rachel A. Alexander, Theresa Carnegie, Tara E. Dwyer, Lauren Moldawer, Bridgette Keller, Samantha Hawkins, Payton Thornton

In this Special Edition of the PBM Policy and Legislative Update, the Mintz Health team partnered with our Antitrust colleagues to analyze the FTC’s Second Report titled Specialty Generic Drugs: A Growing Profit Center for Vertically Integrated Pharmacy Benefit Managers.

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PBM Policy and Legislative Update — Fall 2024

November 22, 2024 | Blog | By Rachel A. Alexander, Tara E. Dwyer, Theresa Carnegie, Bridgette Keller, Madison Castle, David Gilboa, Xavier Hardy, Samantha Hawkins, Stephnie John, Lauren Moldawer, Alison H. Peters, Abdie Santiago, Hassan Shaikh, Sophia Temis

Building upon prior issues and summarizing activity from July through September, the Fall 2024 PBM Update highlights federal legislative activity and oversight, state legislative activity and oversight, and other noteworthy events and trends affecting the PBM industry.

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CMS 2026 IRA Price Negotiations Results Likely to Create Upstream and Downstream Effects

August 20, 2024 | Blog | By Rachel A. Alexander, Theresa Carnegie, Xavier Hardy, Alison H. Peters, Madison Castle

On August 15, 2024, CMS announced the results of the first round of the negotiated prices between CMS and participating drug manufacturers for the 10 selected drugs under the Inflation Reduction Act’s (IRA) Medicare Drug Price Negotiation Program (MPN or Program). In all, reactions to the MPN results varied: Reuters reported that executives from four of the manufacturers selected in the first round of negotiations stated that they do not expect the negotiated prices to significantly impact their businesses; meanwhile, in its press release announcing the maximum fair prices (MFPs), CMS touted an estimated $1.5 billion in Medicare prescription drug out-of-pocket cost savings for Medicare beneficiaries when the negotiated prices go into effect in 2026. 

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PBM Policy and Legislative Update — Summer 2024

July 31, 2024 | Blog | By Theresa Carnegie, Tara E. Dwyer, Rachel A. Alexander, Bridgette Keller, Madison Castle, David Gilboa, Xavier Hardy, Samantha Hawkins, Stephnie John, Pat Ouellette, Alison H. Peters, Abdie Santiago, Hassan Shaikh, Sophia Temis

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News & Press

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Mintz earned recognition for 43 practices and 85 attorneys in the 2026 edition of Chambers USA. Among this year’s results, 14 attorneys and six practice areas received Chambers’ highest distinction, Band 1. Mintz Insurance Practice Chair Nancy Adams was also named a “Star Individual,” a rare designation awarded to lawyers with exceptional recommendations in their field. The firm further expanded its rankings with newly recognized practices and attorneys ranked for the first time or in additional categories.

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Member Theresa Carnegie was quoted by Managed Healthcare Executive in an article about new bill Break Up Big Medicine Act that proposes a separation of the largest insurance companies and pharmacy benefit managers.  

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Law360 Healthcare Authority featured insights from Member Theresa Carnegie in an article focused on the Consolidated Appropriations Act of 2026 which introduces new regulations for pharmacy benefit managers, particularly aimed at fee and cost transparency.

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Member Theresa Carnegie shared insights in a Law360 Healthcare Authority article about a federal government bulletin stating that drug manufacturers will be able to sell medications directly to patients through TrumpRx, without violating federal anti-kickback laws. The article sheds light on the potential legal risks associated with excluding telehealth providers, pharmacies, and other parties not covered by the bulletin.

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The Deal quoted Member Theresa Carnegie in a recent article about how regulatory pressure on pharmacy benefit managers (PBMs) has sparked innovation and opened up investment opportunities in the industry. Increased scrutiny of larger PBMs over concerns about competition and drug prices has prompted newer PBMs to emphasize transparency.

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Member Theresa Carnegie connected with Endpoints News about the pharmaceutical industry's continued legal challenges to the Inflation Reduction Act, even as the federal government has prevailed in about a dozen cases so far. AstraZeneca, one of the companies still pushing back, recently requested more time to petition the Supreme Court following a loss in the Third Circuit.

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Mintz has earned top rankings in the 2025 edition of Legal 500 United States and Canada guides. The firm is recognized in 20 practice categories, and 78 of its attorneys are individually ranked in the guide, with several receiving recognition in more than one category. Additionally, two attorneys are featured in the "Hall of Fame," seven attorneys are named "Leading Lawyers," and five attorneys are recognized as a "Next Generation Lawyers."

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Chambers USA has recognized 43 of Mintz’s practices and 88 of its attorneys in its 2025 guide to the country’s leading law firms. Of those featured in the guide, 17 attorneys and seven practice areas were awarded Chambers’ highest ranking, Band 1. The firm expanded its rankings this year with three new practice area listings and 17 attorneys recognized for the first time or in additional categories.

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Managed Healthcare Executive featured insights from Mintz Member Theresa Carnegie, which stemmed from a recent webinar hosted by LucyRx, a fiduciary pharmacy benefit manager (PBM), about states’ efforts to regulate PBMs and their relationships with pharmacies in light of stalled federal reform. In the webinar, panelists discussed the impacts of states’ efforts to reform PBMs and their relationships with pharmacies.

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Managed Healthcare Executive quoted Mintz Member Theresa Carnegie in an article discussing Iowa’s new pharmacy benefit manager (PBM) legislation. The law aims to strengthen protections for independent pharmacies, improve their access to PBM networks, and implement stricter pricing and reimbursement requirements.

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Member Theresa Carnegie was quoted in a Managed Healthcare Executive article about the implications of a new law in Arkansas, which bans PBMs from owning pharmacies. The law is intended to improve access and affordability for patients, but it could lead to adverse effects.

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Member Theresa Carnegie was quoted by Law360 in an article about the unknowns of Robert F. Kennedy Jr.’s health policies following his nomination by President-elect Trump to head the Department of Health and Human Services. 

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Mintz has earned top rankings in the 2024 edition of Legal 500 United States guide. The firm is recognized in 14 practice categories, and 72 individual attorneys are also recognized in the guide, some in more than one category. Additionally, two attorneys are featured in the "Hall of Fame," three attorneys are named "Leading Lawyers," four attorneys are recognized as a "Next Generation Lawyers" and one attorney is recognized as a "Rising Star."

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Mintz announced today that 42 of its practices and 83 of its attorneys earned recognition in the 2024 edition of Chambers USA, a guide to the country’s leading law firms. Of those included in the guide, 18 attorneys and seven practice areas were awarded Chambers’ highest ranking, Band 1. The firm obtained new listings in three practice areas and 10 of its lawyers were recognized for the first time.

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CNBC spoke with Member Theresa Carnegie on the legal battle over Medicare drug price negotiations. Drug makers argue that such negotiations would force them to sell medicine at significant discounts, violating their due process under the Fifth Amendment. Theresa commented on the government’s initial victories and their potential impact on remaining legal challenges.

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Bloomberg Law spoke to Member Theresa Carnegie in an article discussing how four leading drugmakers are challenging the Medicare Drug Price Negotiation Program in federal court.

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MMIT quoted a recent article written by Mintz attorneys Theresa Carnegie, Xavier Hardy, and David Gilboa in a story discussing the US district court ruling that overturned a federal rule allowing health plans to exclude copayment assistance from members’ out-of-pocket costs. The article notes the Department of Health and Human Services’ current stance of refraining from immediate action.

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Theresa CarnegieLauren Moldawer, and Hassan Shaikh co-authored an article published by Law360 on the Inflation Reduction Act's Medicare drug pricing negotiation program.

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Health Payer Specialist spoke to Member Theresa Carnegie about implications resulting from the Biden administration’s plan to place drugs in the Medicare program under price negotiation.

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Theresa Carnegie's comments were featured in a PharmaVoice newsletter article analyzing the Biden administration's announcement of the first 10 drugs up for Medicare price negotiations.

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BOSTON –Mintz announced today that 39 of its practices and 81 of its attorneys earned recognition in the 2023 edition of Chambers USA, a guide to the country’s leading law firms.

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In an article published by Bloomberg Law, Mintz Member Theresa C. Carnegie was quoted on the Trump administration’s proposed foreign drug pricing rule and potential legal challenges from the pharmaceutical industry.
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Mintz is advising a consortium of investors led by TPG Capital and Welsh, Carson, Anderson & Stowe in their acquisition of Kindred Healthcare, Inc. The definitive agreement totals approximately $4.1 billion in cash including the assumption or repayment of net debt.
Mintz's Theresa C. Carnegie and Rodney L. Whitlock are speaking at the Fifth Annual Pharmacy Benefit Oversight & Compliance Conference. The event brings together professionals from health plans, pharmacy benefit managers, pharmacies, and pharmaceutical manufacturers
The 2015 Chambers USA: America's Leading Lawyers for Business guide names 52 Mintz, Cohn, Ferris, Glovsky and Popeo, P.C.  attorneys as “Leaders in Their Fields.”
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podcasts

Health Law Diagnosed – New Year's Gratitude

February 3, 2025 | Podcast | By Bridgette Keller, Alison H. Peters, Samantha Kingsbury, Theresa Carnegie, Joanne Hawana, Abdie Santiago, Stephnie John, Pamela Polevoy, Karen Lovitch, Jean D. Mancheno, Deborah Daccord, Rachel A. Alexander, Jane Haviland, David Gilboa, Kathryn Edgerton, Hassan Shaikh, Madison Castle, Laurence Freedman, Priyanka Amirneni, Samantha Hawkins, Tara E. Dwyer, Rachel Yount, Sophia Temis, Xavier Hardy

Host Of Counsel Bridgette Keller invites the Mintz Health Law team to reflect on what they’re grateful for as they prepare for the year ahead. Hear from a dynamic group of Members, Of Counsel, and Associates as they share their perspectives on what’s coming up over the horizon.

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Mintz Health Law: What We Are Grateful For

January 11, 2023 | Podcast | By Bridgette Keller

Bridgette Keller speaks with the Mintz Health Law team about what they are grateful for as they look back on a year of client service, mentorship, and working together as a team.

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Events & Speaking

Apr
28
2026

AHLA Health Plan and Managed Care Law Institute

Drug Pricing in 2026: Trump Rx and Other Developments

Virtual

Speaker
Jun
29
2020
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Speaker
Moderator
Chair
Speaker
Nov
13
2017

Pharmacy Benefits and Pharmaceuticals: State of the Industry Update

AHLA

Marriott Chicago Downtown, Magnificent Mile, Chicago, IL

Moderator
Speaker
Speaker
Nov
12
2015

4th Annual Pharmacy Benefit Oversight & Compliance Conference

CBI

16770 North Perimeter Drive Scottsdale, AZ

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Recognition & Awards

  • BTI Consulting Group: Client Service All-Star (2020)

  • Chambers USA: District of Columbia (Up and Coming) – Healthcare (2014, 2015); Chambers USA: District of Columbia – Healthcare (2023 - 2026)

  • Recognized by The Legal 500 United States for Healthcare: Service Providers (2024)

  • Nightingale’s Healthcare News: Outstanding Young Healthcare Lawyers (2005)

  • Phi Beta Kappa

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