Gov. Lee has signed into law legislation aimed at protecting independent pharmacies from rising fees and patient-steering associated with the companies that manage prescription benefits on behalf of health insurers
Chattanooga, TN – According to the officials, this bill prevents PBMs from discriminating against hospitals and clinics participating in a federal drug-pricing program, which allows them to buy medications at reduced rates.
It also allows patients to choose their own pharmacy and creates transparency for patients and providers on drug pricing and co-pays.
PBMs countered their industry helps lower drug costs for patients.
The state’s independent pharmacies have stepped up to serve Tennessee communities during the pandemic.
One survey of 600 independent pharmacies nationwide by Pharmacists United for Truth and Transparency found PBMs charged community pharmacies more than $2 billion in Medicare prescription fees in 2017 and 2018.