The House Health Care Availability & Accessibility Committee held a subject-matter hearing on pharmacy benefit managers (PBMs) on May 7.
The House Health Care Availability & Accessibility Committee held a subject-matter hearing on pharmacy benefit managers (PBMs) on May 7.
During the hearing, legislators heard testimony from the Department of Insurance, PBMs, and pharmacists. Legislators grilled PBMs on their business and pricing models due to concerns raised by independent pharmacists.
Several pharmacists testified that—due to PBM contracts—they are inadequately reimbursed for the drugs and medications they provide to their customers and are forced to take unsustainable business losses on the sales of some medications.
NFIB supports greater PBM pricing transparency. Small and independently owned pharmacies are at a disadvantage in today’s heavily regulated pharmaceutical market. In a recent NFIB Illinois ballot, more than 79% of respondents supported requiring PBMs to disclose their pricing methods to pharmacies and consumers. Click here to read NFIB’s letter to the committee prior to the hearing.
The committee chair, Rep. Natalie Manley, pledged to hold additional hearings on the issue later this year.
