The Arkansas state legislature has passed a bill that would ban pharmacy benefit managers (PBMs) from owning pharmacies. The bill is now awaiting the signature of Governor Asa Hutchinson.
PBMs are companies that manage prescription drug benefits for health insurance plans. Critics argue that when PBMs also own pharmacies, they have a conflict of interest that can lead to higher drug prices and reduced access to care.
The bill, sponsored by Senator Kim Hammer, has received bipartisan support in the legislature. Supporters say that banning PBMs from owning pharmacies will help increase competition and lower drug costs for consumers.
If the bill is signed into law by Governor Hutchinson, Arkansas would join a growing number of states that have implemented similar restrictions on PBMs. Last year, Ohio became the first state to ban PBMs from owning pharmacies, and other states have followed suit.
In addition to banning PBMs from owning pharmacies, the bill also includes provisions to increase transparency in the PBM industry. This includes requiring PBMs to disclose more information about drug pricing and rebates, as well as prohibiting PBMs from engaging in certain anti-competitive practices.
Overall, supporters of the bill believe that it will help to lower drug costs and increase access to care for Arkansas residents. Governor Hutchinson has not yet indicated whether he will sign the bill into law, but supporters are hopeful that he will take action soon to protect consumers from potential conflicts of interest in the pharmacy industry.
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