Sen. Richardi’s late bill to force PBM price disclosure wins committee approval

Sen. Denise Richardi (D) told the Senate Rules Committee that a late-filed bill would require pharmacy benefit managers (PBMs) to disclose lower-cost options at the pharmacy counter so consumers can choose the cheapest legal route to buy a prescription.

"PBMs routinely know when a consumer could pay less by using a discount or manufacturer coupon, by buying directly from a part pharmacy and bypassing insurance, choosing a therapeutically equivalent alternative," Richardi said, arguing those choices are often withheld so PBMs can retain rebates and use spread pricing and administrative fees to profit.

Richardi framed the proposal as competition-restoring transparency rather than price-setting. She said the bill would require disclosure of discounts, rebates and coupon options at the point of sale and would allow consumer-facing enforcement steps via the Department of Justice. "When consumers have full access to pricing information, competition works," she said.

Committee members asked whether Richardi had cross-checked her ideas against two PBM bills already filed; she answered she had not yet compared them. After brief questions, committee members moved and approved the late-filed LSR by voice vote with no opposition recorded.

The committee approved the LSR as a request to draft policy language; it does not by itself change law. Next steps include drafting by the Office of Legislative Services (OLS) and the usual prime/cosponsor sign-off and committee scheduling for a public hearing or formal bill filing.

Provenance: Topic introduced at SEG 173 and the committee vote appears by SEG 260.

Speakers quoted or referenced: Sen. Denise Richardi (speaker identifying herself on the record).