Alaska Becomes Latest State To Regulate PBMs
Published by Inside Health Policy
This week Alaska became the latest state to require pharmacy benefit managers be licensed. The bill, which passed the legislature via unanimous consent earlier this year, also bans gag clauses and lays out guardrails for PBM audits of pharmacies.
“Big money lobbyists and the insurance companies they work for have fought for nearly a decade to prevent a bill like House Bill 240 from passing. We got this bill across the finish line this session because saving Alaskans money on health care costs is not a partisan issue, it’s an Alaskan issue,” state Rep. David Guttenberg (D) wrote in a press release announcing the signing on Tuesday (Aug. 4).
There are growing calls to regulate PBMs. More than 30 states introduced some form of PBM legislation in 2018, making it by far the most common drug-pricing legislation being pursued in the states.
And state legislators are getting help from national groups who are pushing for lower drug prices. The National Academy for State Health Policy released model PBM legislation in August that includes licensure requirements.
Others say legislation may not even be necessary. Drug pricing advocates recently urged a room of insurance commissioners to tackle drug pricing, including regulating PBMs, without legislation.
Alaska’s law requires PBMs to register as third-party administrators biennially. It does not, however, include a requirement that PBMs “exercise good faith and fair dealing,” like a bill awaiting California Governor Jerry Brown’s (D) signature. — Nicholas Florko (nflorko@iwpnews.com)
Recent Posts
-
Senior Care Pharmacy Coalition Shares Comments with CMS Regarding Medicare Part D Restructuring Guidance: “Smoothing Provisions”
SCPC filed comments with CMS in response to their guidance on the implementation of the Medicare Part D restructuring portion of the Inflation Reduction Act (IRA).
-
Drug pricing efforts threaten ‘very existence’ of LTC pharmacies: reps
President Biden in his State of the Union address last week vowed to end “Big Pharma’s” grip on prescription drug pricing and cut costs for seniors and taxpayers by another $200 million.
But the president’s plans to expand his administration’s first-ever Medicare drug price negotiations could spell big trouble for the pharmacists who support seniors living in long-term care settings, advocates warned in response. -
President Biden Announces Desire to Cap Drug Prices for All Americans
In the State of the Union Address on March 7th, President Joseph Biden announced a proposal to expand the number of drugs targeted for annual price negotiations by Medicare and lower prescription drug costs for American families.
Stay in the Know
Get the latest news and updates on issues impacting the long-term pharmacy community.