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Committee advances PBM oversight bill after stakeholders negotiate HMOs exemption
Summary
The joint House committee advanced SB2047, which would expand state oversight of pharmacy benefit managers, adopting amendments to exclude HMOs that operate their own pharmacies and to preserve existing contracts; the insurance division said implementation would cost about $1.5 million and five new positions.
Chair Jerry Takayama opened discussion on SB2047, a bill expanding state oversight of pharmacy benefit managers (PBMs), and invited the state insurance division and stakeholders to testify.
The insurance division’s representative, Justin Chu, said the division supports the bill’s goals but warned it lacks in-house experience and therefore requested an appropriation of about $1,500,000 and five positions to implement enforcement and contract review. Chu said the appropriation covers salaries, fringe benefits, training and consulting from mainland experts to build needed…
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