The State Assembly recently passed a bill which aims to regulate Pharmacy Benefit Managers and Representative Tyler Vorpagel of Plymouth issued a statement on the bill.
In a news release he stated, “I joined my colleagues in voting to create accountability for Pharmacy Benefit Managers through a mandatory licensure under the Office of the Commission of Insurance. This legislation would provide greater transparency to consumers and put safeguards in place to protect local pharmacies.”
Before Assembly Bill 114 was introduced, the industry has been unregulated and often passed along drug price increases to consumers.
As PBM’s are increasingly used with 3 main PBM’s controlling 80% of the market, he says it is necessary to ensure transparency and accountability.
