Forty-nine active Federal bills have been proposed to date with far-reaching implications on pharmacy benefit management (PBM) practices, drug pricing and affordability, and the overall healthcare landscape.
It’s a complex topic and much is still unknown. However, all PBM stakeholders should understand the focus of these bills and the potential impact on the industry at large.
We hosted a webinar on this critical topic and drilled down into some critical issues and opportunities. At a high level, here’s what was discussed:
- Current federal legislation seeks to increase transparency in three general areas: pricing, rebates, and reporting. What does this mean for how PBMs operate? What does this mean for drug prices?
- Some bills are gaining traction – H.R.5378 (Lower Costs, More Transparency Act) recently passed in the House. What other bills are gaining traction?
- All 50 states have passed legislation to regulate PBMs. Does this provide any insight into what might happen at the Federal level?
To put it simply, with PBM scrutiny increasing—regardless of whether laws pass or not—change is happening.
The way we see it, PBMs and payers have two choices. Wait and see what happens, and then scramble to adapt. Or be proactive and deploy dynamic technology now, so you’re prepared for whatever happens in Washington.
From where we stand, option two is the best course of action.
Xevant is uniquely positioned to assist consultants and PBMs in complying with the overall target of reform – greater transparency.
To watch the webinar and learn more about how Xevant can help you prepare, click here.