Prohibits pharmacy benefit manager from using spread pricing as model of prescription drug pricing; requires transparency in provision of pharmacy benefits management services.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill prohibits pharmacy benefit managers (PBMs) from using ‘spread pricing’ – a practice where they charge a higher price to health plans than they pay to pharmacies – as a model for prescription drug pricing. It also requires PBMs to be more transparent in how they provide pharmacy benefits management services, including remitting all rebates and fees to the health plan or carrier. The bill further mandates financial reporting and an annual report to the legislature on PBM compensation and its impact on healthcare costs.
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