Des Moines, IA — On Monday, the Iowa House voted 75-15 on Senate File 383, a bill that sets some restrictions and regulations on pharmacy benefit managers (PBMs). PBMs negotiate prescription drug prices between manufacturers, health insurance companies and pharmacies; Monday’s bill included new restrictions that may benefit rural pharmacies. The legislation requires pharmacies to be reimbursed at the average state or national acquisition cost of a drug as well as restricting the strategies PBMs use to favor specific pharmacies over others.
According to pharmacists and advocates, current PBM practices that favor mail-order prescription refills and pharmacy chains have contributed to the closure of 200 pharmacies in Iowa. Opponents of the bill are concerned the legislation could lead to higher health insurance costs for Iowans. Leaders representing business organizations like ABI, the Iowa Business Council and Iowa chapter of the National Federation of Independent Business urged lawmakers to make further changes to the legislation that will ensure health coverage costs do not rise.
Kate Gainer, CEO of the Iowa Pharmacy Association, celebrated the bill’s passage.
“This bill is a critical step toward protecting Iowa’s local pharmacies and ensuring accountability for PBMs, whose practices have forced Iowa pharmacies to shutter their doors and countless Iowans to lose healthcare access,” Gainer said. “With states nationwide enacting similar reforms, we’re grateful the House and Senate have paved the way for Governor Reynolds to sign this bill and safeguard Iowa’s pharmacies and the patients they serve.”
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