Support regulation of Pharmacy Benefits managers that will reduce drug costs for Californians!
SB 41 is poised to tackle the pervasive unfair business practices of certain pharmacy benefits managers (PBMs) and demands that these entities be licensed and regulated by the Department of Insurance.
As key intermediaries in the pharmaceutical industry, PBMs purchase prescription drugs from manufacturers and then sell them to pharmacies and health plans. This privileged position enables them to impose exorbitant administrative fees and inflate drug prices well beyond what they initially paid. Consequently, patients are left to bear the burden of skyrocketing costs when seeking essential medications.
The proposal outlined in SB 41 mandates that all PBMs obtain proper licensing and requires them to disclose crucial information regarding their business practices to the licensing authority. Additionally, it introduces a series of essential requirements and prohibitions aimed at curbing these predatory practices, including limitations on fee structures and a commitment to full transparency concerning all assessed fees. This legislation is a critical step toward ensuring fair access to prescription medications for patients while holding PBMs accountable for their actions.
Tell the Senate Health Committee Chair to support reducing prescription drug costs.
Support regulation of Pharmacy Benefits managers that will reduce drug costs for Californians!
SB 41 is poised to tackle the pervasive unfair business practices of certain pharmacy benefits managers (PBMs) and demands that these entities be licensed and regulated by the Department of Insurance.
As key intermediaries in the pharmaceutical industry, PBMs purchase prescription drugs from manufacturers and then sell them to pharmacies and health plans. This privileged position enables them to impose exorbitant administrative fees and inflate drug prices well beyond what they initially paid. Consequently, patients are left to bear the burden of skyrocketing costs when seeking essential medications.
The proposal outlined in SB 41 mandates that all PBMs obtain proper licensing and requires them to disclose crucial information regarding their business practices to the licensing authority. Additionally, it introduces a series of essential requirements and prohibitions aimed at curbing these predatory practices, including limitations on fee structures and a commitment to full transparency concerning all assessed fees. This legislation is a critical step toward ensuring fair access to prescription medications for patients while holding PBMs accountable for their actions.
Tell the Senate Health Committee Chair to support reducing prescription drug costs.