An Act to enact the pharmacy benefit manager compensation reform
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to reform how pharmacy benefit managers (PBMs) are compensated. It seeks to increase transparency and accountability in the payments PBMs receive from drug manufacturers and pharmacies, with the goal of reducing costs for consumers and healthcare providers. The legislation intends to address concerns about potential conflicts of interest and ensure that PBMs are not unduly influencing drug pricing. It focuses on regulating PBM practices to benefit the overall healthcare system.
Key provisions
- Requires PBMs to disclose their payment practices to drug manufacturers and pharmacies.
- Establishes standards for PBM rebates and discounts.
- Addresses potential conflicts of interest related to PBMs' relationships with pharmacies.
- Promotes greater transparency in drug pricing.
- Focuses on reducing costs for consumers and healthcare providers.
- Requires PBMs to provide data on drug utilization and costs.
- Addresses potential restrictions on pharmacists' ability to negotiate drug prices.
- Creates a process for reviewing and adjusting PBM compensation rates.
Who is affected
- Pharmacy Benefit Managers (PBMs)
- Drug Manufacturers
- Pharmacies
- Consumers
- Healthcare Providers
Notable changes
- Increased transparency in PBM compensation practices.
Bill text
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Sponsors
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2 on record
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Cosponsor
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