The Iowa Senate has passed a bill that would set new requirements for pharmacy benefit managers that lawmakers say will help rural pharmacies stay open and lower prescription costs, the Iowa Capital Dispatch reported April 28.
Here are four things to know:
- The new bill would require PBMs to reimburse pharmacies at the national or state average acquisition cost of a drug.
- The legislation also would prohibit PBMs from setting different cost-sharing rates and implementing financial advantages or penalties for the use of certain pharmacies to fill a prescription. It also would prevent PBMs from restricting access to pharmacies that are part of a patient’s health plan.
- On April 28, the Senate amended the bill to define retail pharmacies and pharmacy chains along with updating language about how PBM rebates must be returned to a health plan to reduce insurance premiums.
- Earlier in the legislative session, pharmacists and other supporters of the bill told lawmakers it would help pharmacies stay in business and linked the closure of many rural pharmacies to PBM practices.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
