Michigan House Bill 4348 (PBM Bill) Signed Into Law Feb. 23rd!
House Bill 4348 provides for the licensure of pharmacy benefit managers (PBMs) in Michigan by the Department of Insurance and Financial Services (DIFS). The legislation:
- Helps make necessary medications affordable for Michigan families,
- Prohibits PBMs from practicing “spread pricing” in which PBMs drive up costs when reimbursing pharmacists for prescription drugs,
- Prohibits PBMs from forcing pharmacists to sign “gag clauses” so that pharmacists can communicate openly and honestly with patients about options,
- Charges DIFS with the responsibility to regulate PBMs licenses, and
- Requires PBMs to file transparency reports with DIFS to ensure Michiganders have access to information about the backend cost and profits of the medications they are prescribed.
Click here to learn more about HB 4348.