California Gov. Gavin Newsom signed into law legislation aimed at “reining in” pharmacy benefit managers, becoming the latest state to implement regulations on the industry. The bill would require all PBMs in the state to be licensed by its Department of Insurance and prohibits multiple business practices that have drawn the ire of PBM critics, namely spread pricing arrangements and efforts to steer patients toward affiliated pharmacies. The legislation also mandates that PBMs pass all rebates through to the payer or patient and bars these companies from making exclusivity deals with drugmakers, according to an announcement from Newsom’s office.
Read the full article: California Governor Signs Bill That Cracks Down on PBMs //
Source: https://www.fiercehealthcare.com/regulatory/california-governor-signs-bill-cracks-down-pbms