Originally appeared on the news website Alaska's News Source.
https://www.alaskasnewssource.com/2024/09/24/governor-signs-bill-regulate-pharmacy-benefit-managers/
By Kristen Durand
Published: Sep. 24, 2024 at 3:42 PM EDT
ANCHORAGE, Alaska (KTUU) - Gov. Mike Dunleavy signed a bill into law Monday that aims to ensure consumers have access to affordable prescriptions and level the playing field for local independent pharmacies.
House Bill 226 regulates pharmacy benefit managers in Alaska. Pharmacy benefit managers are third-party companies that act as middlemen between drug manufacturers and insurance companies.
The bill requires them to register with Alaska’s insurance division, which ensures they follow certain procedures for licensure.
Among other things, it also requires them to disclose any conflict of interest and pass on any negotiated discounts with drug manufacturers, in full, to the state of Alaska.
State Sen. Cathy Geissel, R-Anchorage, said several pharmacies in Alaska have closed over the past five years because they could not keep up with costs.
“All because these small independent pharmacies cannot profit, they cannot stay afloat, because the pharmacy benefit managers are not reimbursing them for the cost of the medications they’re dispensing,” Geissel said. “Those PBMs are capturing that extra money and they’re profiting.”
The bill passed 33-5 through the House and unanimously in the Senate. It was the final bill signed by Dunleavy from this past legislative session.

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