The National Association of Chain Drug Stores (NACDS) is applauding the enactment of Vermont House Bill 233 (H. 233). The measure — which was signed into law on May 30 by Vermont Governor Phil Scott (R) and which becomes effective on July 1, 2024 — will help reduce prescription drug prices and preserve Vermont patients’ access to pharmacies.
Importantly, the new law is an important step toward the regulatory oversight, transparency, and accountability of pharmacy benefit managers (PBM) in the state.
Specifically, H. 233 will require PBMs to obtain licensure from the Vermont Department of Financial Regulation. Additionally, the measure establishes a framework for regulating PBMs and restricts certain activities that PBMs may perform, such as limiting direct solicitation to consumers and prohibiting PBMs from conducting or participating in spread pricing.
NACDS President and CEO Steven C. Anderson said: “We appreciate the leadership of Gov. Phil Scott, State Representatives Mari Cordes (D) and Lori Houghton (D), Senate Senator Ginny Lyons (D) and the Vermont General Assembly. Vermont is yet another state standing up for communities in the face of ‘pharmaceutical benefit manipulation’ — so that patients maintain seamless access to the medications right for them and to the array of vital healthcare services on which they rely.
“NACDS’ work in myriad states has shown that PBM reform is far from done when a law is enacted. We are here to stand up for the leaders who stand up for patients, pharmacies, employers, taxpayers, communities, and the entire state by enacting, implementing, enforcing, and defending PBM reform laws.
Pharmacies remain critical access points to needed care — existing within five miles of 90 percent of Americans. A recent poll commissioned by NACDS and conducted by Morning Consult found that 84% of adults in Vermont say it is very or somewhat easy to access pharmacies, ranking their accessibility the highest among healthcare destinations tested.
NACDS continues to work at the federal and state levels to confront PBM practices that force patients and others to pay more for their medicines, that limit patients’ access to their pharmacist, that restrict patients’ access to the medicines right for them, and that jeopardize the pharmacies on which patients rely. Read more …
