[Medicare's obesity drug coverage](https://www.cnbc.com/2026/07/01/medicare-obesity-drugs-walmart-cvs-step-in-to-help-seniors-.html) just opened a $50B+ TAM that everyone's treating as a consumer spending problem. Wrong. The real story is that $WMT and $CVS are becoming the distribution bottleneck. They're not just filling scripts — they're capturing the margin on patient navigation, adherence programs, and data they'll package back to pharma.

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