State Insurance Department Regulates Pharmacy Benefit Managers

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Pharmacists should start seeing the side effects of a new state law.

The State Insurance Department now regulates pharmacy benefit managers, which are the middlemen between pharmacists and insurance providers.

Last year, pharmacists blamed them for drastic cuts to their reimbursement rates. This week, the department issued its first PBM licenses. 

The Arkansas Pharmacists Association says it’s pleased the process is on time but the issue is still a work in progress.

“We felt like there was no market last year, that the market was broken. We have some hope now that there will be the ability to have a more fair market and a referee on the playing field, at least in Arkansas,” John Vinson of Arkansas Pharmacists Association says.

State Senator Jason Rapert is working with states across the country to pass the Arkansas framework. 

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