Transfers to the Louisiana Board of Pharmacy the licensure authority of pharmacy benefit managers. (8/1/12)
The impact of SB373 on state laws is significant, as it modifies the existing framework governing pharmacy benefit managers. This transfer of regulatory power is expected to lead to improved compliance with pharmacy practices and consumer protection. It could potentially facilitate more consistent regulatory standards and practices across the state, as the Louisiana Board of Pharmacy focuses specifically on pharmacy-related matters and understands the nuances of the industry better than an insurance department might.
Senate Bill 373 aims to transfer the licensure authority of pharmacy benefit managers from the Louisiana Department of Insurance to the Louisiana Board of Pharmacy. This change seeks to streamline and enhance the regulation of pharmacy benefit managers, who are entities that administer the prescription drug benefits on behalf of third-party payers. By placing this authority under the Board of Pharmacy, the bill intends to ensure that pharmacy benefit managers are subject to stricter oversight and regulation, thereby providing better protection for consumers and pharmacies alike.
The sentiment surrounding SB373 appears to be generally positive among healthcare advocates and pharmacists who support stronger regulation of pharmacy benefits. They argue that the current oversight by the Department of Insurance may not be adequately focused on pharmacy-specific issues, thus emphasizing the necessity for this transition. However, there may also be concerns from pharmacy benefit managers who may view this shift as an additional regulatory burden that could impact their operations.
Notable points of contention regarding SB373 may arise from stakeholders in the pharmacy benefits industry. As pharmacy benefit managers take on a wider regulatory role, there could be debates about the implications for operational efficiency and the potential increase in administrative burdens. Additionally, questions regarding the adequacy of the Louisiana Board of Pharmacy's capacity to manage this expanded role may surface, particularly in light of existing workload and resources.