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Senate committees pass bill to limit pharmacy benefit manager practices, adopt amendments
Summary
After public testimony from independent pharmacists and patients, a joint Senate committee voted to pass SB1509 with amendments that add a pharmacist-recommended reimbursement floor and a defective effective date to allow further work on transparency and pricing issues.
A joint hearing of the Senate Committee on Health and Human Services and the Senate Committee on Commerce and Consumer Protection voted to pass Senate Bill 1509, a measure addressing pharmacy benefit managers (PBMs), with amendments after extensive public testimony from pharmacists, patients and industry representatives.
The bill aims to increase transparency in PBM contracting and to ensure patients pay the lowest negotiated price instead of an often higher list price. Supporters described PBM practices such as spread pricing and opaque reimbursement formulas that independent pharmacies say threaten their financial viability.
Core details: the committees accepted a Senate Draft 1 incorporating amendments proposed by the Kauai Pharmacists Association (SD1) and added a defective effective…
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