A bipartisan legislative effort to lower prescription drug costs has been signed into law. The group of bills provide for the licensure of pharmacy benefit managers, regulate some costs, and allow for transparency.
The new laws prohibit pharmacy practices that drive up costs and prevent pharmacists from speaking openly with customers about drug options. Pharmacy benefit managers are now required to file transparency reports with the Department of Insurance and Financial Services.
Patients will no longer have to pay a co-pay that is higher than the cost of the drug. Pharmacists will be able to provide the current selling prices of generic and brand-name drugs without being asked. The bills are expected to lower insulin costs in Michigan.
State Representative Julie Calley, who sponsored some of the legislation, said, “In 2017, 32% of Michigan residents stopped taking their medication as prescribed due to the cost. This impactful new law will directly improve the affordability and access of prescriptions. It also adds much-needed transparency into our healthcare system.”
Reporting for WGRT – Jennie McClelland
