Indiana requirement for pharmacy benefit manager licenses now live
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A requirement for pharmacy benefit managers to be licensed in Indiana is now active after the Indiana Department of Insurance opened the application process this week.
Gov. Eric Holcomb signed a 2020 bill mandating the licensure requirement and serving the IDOI commissioner more authority to set requirements. Those may include provisions for licensure and financial requirements, application and renewal fees, pharmacy claims audits, maximum allowable cost pricing, annual reporting and violation penalties. The standards became active March 22.
Pharmacy benefit managers are third parties who act as a go-between for health plans and pharmaceutical companies and help with pharmacy benefit management services.
The application is available online and information on the change can be found on IDOC’s website.
Lawmakers took more action regarding PMBs during this year’s legislative session. Most notably was Senate Enrolled Act 8, which requires PBMs to pass along rebates they receive to patients or to group plans..
However, the number of Hoosiers who can benefit from the plan is limited, as the IBJ’s John Russell reported last month.