SPRINGFIELD, Ill. (WAND) — The legislation to lower drug prices by cracking down on pharmacy benefit managers is heading to Gov. JB Pritzker's desk.
The governor has argued the state needs to limit how pharmacy middlemen negotiate prices for drugs, as PBMs continue to drive up the cost of healthcare.
This proposal could stop PBMs from spread pricing, where they charge Medicaid more money than was paid for the drugs and receive a cut of the profit.
"For far too long, pharmacy benefit managers' business practices have operated with little regulation, transparency, and accountability," Pritzker said Saturday. "Illinois is putting an end to that. We will lead the nation in bringing transparency to PBM drug pricing."
The measure could also allow Illinois to have full access to PBM records so the state can follow the money and prevent future exploitation of patients. It is a massive change for independent pharmacies struggling to stay open.
"Our local pharmacies are vital to communities across Illinois, especially in smaller towns and underserved areas," said Sen. Dave Koehler (D-Peoria). "Getting this bill approved means that pharmacy benefit managers who act as the middleman in the prescription drug industry will no longer have a strangle hold on consumers and neighborhood pharmacies."
The legislation passed out of the House on a 115-1 vote with one representative voting present Saturday. It previously passed out of the Senate on a 56-1 vote.
"We can finally now peel back the curtain and find out what's been happening in the drug distribution chain and the role that PBMs play," said Rep. Natalie Manley (D-Joliet).
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