Virginia 2024 Regular Session

Virginia Senate Bill SB660

Introduced
1/15/24  
Refer
1/15/24  
Report Pass
2/5/24  
Engrossed
2/8/24  
Refer
2/14/24  
Report Pass
2/15/24  
Enrolled
2/26/24  
Chaptered
4/8/24  

Caption

Health insurance; pharmacy benefits managers, reporting requirements, civil penalty.

Impact

The legislation encompasses significant changes to how pharmacy benefits management is conducted in Virginia. By instituting stringent licensing and reporting standards, SB660 aims to reduce potential conflicts of interest and enhance accountability among PBMs. This change is expected to shift the landscape of pharmacy benefits management in Virginia, making it easier for regulators to oversee the industry and intervene in cases of malpractice or mismanagement.

Summary

SB660 focuses on regulating pharmacy benefits managers (PBMs) in Virginia by implementing mandatory licensing requirements and establishing reporting obligations. The bill requires PBMs to provide detailed information about their operations and financials, including the amounts of rebates received, retained, and passed on to enrollees. This increased level of transparency is aimed at protecting consumers and ensuring that PBMs operate fairly within the state's healthcare system.

Sentiment

General sentiment among supporters of SB660 is positive, as they view the bill as a necessary step toward greater regulation and consumer protection within the healthcare sector. However, some opponents express concerns that such regulations could inadvertently lead to increased operational costs for PBMs, which may, in turn, be passed on to consumers in the form of higher healthcare costs. This polarizing viewpoint has fostered debate on the balance between regulation and market dynamics.

Contention

A notable point of contention surrounding SB660 is the definition and scope of operational transparency required of PBMs. Critics argue that while transparency is essential, the bill may overburden PBMs with excessive regulatory requirements. Proponents counter that these measures are crucial for safeguarding public interest and maintaining equitable pricing for prescription drugs. The ongoing discussions reflect the complexities involved in balancing effective regulation while fostering a competitive marketplace within the health insurance sector.

Companion Bills

VA HB1402

Similar To Health insurance; pharmacy benefits managers, reporting requirements, civil penalty.

Previously Filed As

VA SB1338

Health insurance; pharmacy benefits managers, employee welfare benefit plans.

VA HB2491

Health insurance; pharmacy benefits managers, employee welfare benefit plans.

VA HB1782

Health insurance; ensuring fairness in cost-sharing.

VA SB1425

Health insurance; ensuring fairness in cost-sharing.

VA HB943

Health insurance; retail community pharmacies.

VA HB560

Health insurance; retail community pharmacies.

VA SB1538

Medical assistance services; state plan, pharmacy services.

VA HB2038

State employees; health insurance coverage, incapacitated adult children.

VA HB1594

Multijurisdictional community services boards; health insurance coverage for employees.

VA SB1368

Multijurisdictional community services boards; health insurance coverage for employees.

Similar Bills

CA AB913

Pharmacy benefit managers.

CA SB362

Chain community pharmacies: quotas.

LA HB432

Provides for the regulation of pharmacy services administrative organizations (OR +$88,000 SG EX See Note)

MS HB1125

Pharmacy services; prohibit insurers and PBMs from requiring persons to obtain exclusively through pharmacies that they own.

LA HB387

Provides for the regulation of pharmacy services administrative organizations

CA AB401

Pharmacy: remote dispensing site pharmacy: telepharmacy: shared clinic office space.

CA AB690

Pharmacies: relocation: remote dispensing site pharmacy: pharmacy technician: qualifications.

MS HB1119

Pharmacy benefit managers; revise provisions related to.