The National Council of Insurance Legislators (NCOIL) recently announced, through the leadership of NCOIL President and Arkansas Senator Jason Rapert, that the NCOIL Health, Long-Term Care and Health Retirement Issues Committee is taking a comprehensive look at Pharmacy Benefit Managers (PBMs). NCOIL is in the process of learning about how PBMs operate, with the goal of introducing an NCOIL Model Act to have PBMs overseen by each state insurance Commissioner. A draft of NCOIL’s Model Act has been circulating through the industry and NCOIL is actively looking for industry comments. The comment period closes November 6th.
National organizations serving specialty populations like oncology, national buying groups or GPOs, wholesalers, and even a retail/specialty pharmacy should consider engaging in this comment period. These stakeholders have the most to lose if PBMs continue to remain unchecked. State Insurance Commissioners are the regulatory authorities that create insurance policies in each respective state, making this even more urgent to get engaged. These comments can lead to the Commissioners enforcing better policies that finally level the playing field against PBMs.
Lack of PBM transparency has harmed too many interested stakeholders for far too long. Industry stakeholders should take immediate action with comment period for the NCOIL Model PBM Act ending soon. Frier Levitt Government Affairs can help organizations, pharmacies, GPOs, manufactures, and other industry stakeholders participate in this comment period by formulating specific issues with PBMs so that they can be voiced efficiently and effectively to NCOIL. If these comments are accepted and used by the various states, your business can be a direct beneficiary of new policies resulting in increased PBM transparency.
Contact Frier Levitt Government Affairs today for assistance in getting your voice heard.