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Committee raises PBM licensure fee to support enforcement, sponsors say funds will go to AID
Summary
Representative Lee Johnson's bill to increase pharmacy benefit manager (PBM) licensure fees to $20,000 for initial and renewal licenses passed the committee. Sponsor said revenues would fund enforcement at AID and add transparency requirements tied to BIN numbers.
The House Insurance & Commerce Committee passed legislation to raise the state licensure fee for pharmacy benefit managers and add data-reporting requirements intended to improve regulator oversight.
Representative Lee Johnson presented the amendment and bill, citing the 2017 PBM licensure act as the original framework. "We're increasing the fee to $20,000 as an initial fee and $20,000 as a renewal," Johnson said, adding the fee would be…
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