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Committee adopts substitute language to regulate PBMs under insurance framework
Summary
The committee accepted a substitute for House Bill 229 that applies Department of Insurance licensing and enforcement to pharmacy benefit managers, with sponsors and a range of stakeholders reported to have collaborated on the language.
The Senate Financial Institutions, Insurance and Technology Committee accepted substitute language to be the working document for House Bill 229. Vice Chair Lang said the substitute applies the Ohio Department of Insurance's existing licensing and enforcement framework to pharmacy benefit managers as regulated under the bill and aims to "promote fair and level playing fields for PBMs, and to hold bad actors accountable."
Lang listed collaborating stakeholders, including the bill sponsor Representative Dieter, the Ohio Pharmacists Association, health plans, the Department of Insurance, the Chamber of Commerce, the NFIB, independent pharmacies and the Pharmaceutical Care Management Association.
The chair asked for objections to accepting the substitute as the working document; seeing none, the committee approved the substitute bill by unanimous consent. The committee encouraged members to review written interested‑party testimony and scheduled further consideration in future meetings.
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