The Senate Insurance and Commerce Committee advanced a bill on Tuesday aimed at preventing pharmacy benefit managers like CVS Health from operating retail pharmacies in Arkansas. The bill, HB 1150, passed in the House with overwhelming support and now heads to the full Senate for consideration.
Pharmacy benefit managers manage prescription drug benefits for health insurers and set reimbursement rates for pharmacies. The bill aims to address concerns about PBMs steering patients to their own pharmacies while inflating prices, leading to the closure of independent pharmacies in Arkansas.
Supporters of the bill, including the Arkansas Pharmacists Association and the American Pharmacy Cooperative, argue that PBMs’ anti-competitive practices have led to a net loss of pharmacies in the state. They believe the bill would help ensure a level playing field for independent pharmacies.
However, opponents of the bill, including the Arkansas State Chamber of Commerce, argue that existing legislation already regulates PBMs and that the bill would remove competition from the marketplace. They also point out the convenience that mail-order pharmacies and retail chains like CVS provide to consumers.
Despite concerns about potential job losses, supporters of the bill argue that local pharmacies play a vital role in communities and that the bill would ultimately benefit consumers by promoting competition and ensuring fair pricing.
The full Senate is expected to consider HB 1150 soon, with potential implications for the future of pharmacy benefit managers in Arkansas.
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