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Ohio Pharmacists Association urges transparency, licensure for PBMs in testimony on House Bill 229
Summary
The executive director of the Ohio Pharmacists Association testified in support of House Bill 229, which would create a PBM licensure and reporting framework, require standardized reporting, give the insurance superintendent examination authority, and exclude ERISA plans; committee members asked about fees, audit costs and fiduciary language.
David Burke, executive director of the Ohio Pharmacists Association, testified before the House General Government Committee in support of House Bill 229, saying the legislation would bring transparency and regulatory oversight to pharmacy benefit managers (PBMs) that now control a large share of pharmacy networks.
Burke told the committee that three major PBMs control roughly 80% of pharmacy networks and act as middlemen that determine price and reimbursement with limited public transparency. He said House Bill 229 would move PBMs out of the existing third-party administrator chapter of law…
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