Oklahoma House Bill HB3492

Oklahoma 2022 Regular Session

• Introduced: 2/7/22
• Refer: 2/8/22
• Refer: 2/16/22

Caption

Oklahoma Rebate Pass Through and PBM Meaningful Transparency Act of 2022; amendments; licensing application requirements; agent duties; PBM fairness in cost sharing; penalties; insurer fairness in cost sharing; effective date.

Impact

The implementation of HB 3492 is expected to impact several state laws and the overall functioning of PBMs in Oklahoma. Specifically, the new requirements for transparency and rebate pass-through could lead to more competitive pricing of prescription drugs. This contrasts the previous issues where consumers and insurers may not have benefited from rebates due to the lack of visibility and conflicting interests between PBMs and pharmacies. The bill also establishes penalties for insurers who fail to meet the prescribed requirements, thus encouraging compliance and accountability.

Summary

House Bill 3492, titled the Oklahoma Rebate Pass Through and PBM Meaningful Transparency Act of 2022, introduces several significant changes regarding the management of pharmacy benefits in Oklahoma. The bill aims to enhance transparency and fairness among pharmacy benefits managers (PBMs) and health insurers by establishing new compliance guidelines, including the requirement for PBMs to disclose rebate data to the Oklahoma Insurance Department. It mandates that at least 85% of received rebates must be passed on to the insurers, thereby potentially lowering drug costs for consumers at the point of sale.

Contention

Notable points of contention surrounding HB 3492 include concerns from various stakeholders about the effectiveness of regulating PBMs and their relationships with pharmacies. Proponents argue that the bill addresses long-standing issues of hidden costs in drug pricing due to opaque rebate structures, ensuring that savings are passed on to policyholders. Critics, however, may express worries about the potential administrative burden on PBMs and the Insurance Department, or argue that the bill does not go far enough in addressing pharmaceutical pricing issues or the influence of large pharmaceutical companies on drug costs.