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PBM trade group warns HB 229 fiduciary mandate would raise costs and face federal preemption
Summary
Sean Stevenson of PCMA testified in opposition to House Bill 229, arguing a state fiduciary mandate on pharmacy benefit managers would be preempted by ERISA, would transform contractual roles, and could increase drug spending by an estimated $2.8 billion over 10 years, according to testimony.
Sean Stevenson testified to the House General Government Committee in opposition to House Bill 229 on behalf of PBM trade stakeholders, arguing the bill’s proposed fiduciary mandate would create legal conflicts with federal law, increase liability and insurance costs, and eliminate evidence-based tools that PBMs use to manage drug costs.
"PBMs are administrators, not price setters," Stevenson said, explaining that PBMs act at the direction of plan…
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