Signed by Governor Kim Reynolds

Vote Smart's Synopsis:

Vote to pass a bill that establishes new standards for pharmacy benefit managers in Iowa.

Highlights:

• Establishes new standards for pharmacy benefit managers (PBM) in Iowa, including requiring pharmacies to be reimbursed for the national or state average acquisition cost of a drug (Sec. 1-8).

• Prohibits PBM strategies like setting different cost-sharing rates or implementing financial advantages or penalties for the use of certain pharmacies to fill a prescription (Sec. 1-8).

• Limits other methods of PBMs, including the use of certain pharmacies if that provider has agreed to participate in a person’s health benefit plan (Sec. 1-8).

• Specifies that the provisions of this bill shall take effect beginning July 1, 2025 (Sec. 9).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes new standards for pharmacy benefit managers in Iowa.

Highlights:

• Establishes new standards for pharmacy benefit managers (PBM) in Iowa, including requiring pharmacies to be reimbursed for the national or state average acquisition cost of a drug (Sec. 1-8).

• Prohibits PBM strategies like setting different cost-sharing rates or implementing financial advantages or penalties for the use of certain pharmacies to fill a prescription (Sec. 1-8).

• Limits other methods of PBMs, including the use of certain pharmacies if that provider has agreed to participate in a person’s health benefit plan (Sec. 1-8).

• Specifies that the provisions of this bill shall take effect beginning July 1, 2025 (Sec. 9).

Full Bill Text