The Arkansas Legislative Council on Friday approved legislation requiring health benefit plans and pharmacy benefit managers to reimburse pharmacies “at fair and reasonable rates.”
The new rule is effective Jan. 1 and followed a vote which would have cleared the way to reject the legislation.
In a subsequent vote, 18 senators voted against rejection while 8 supported it. The house members voted 14-11 against it.
Some members of the legislative council said they believe the new rule goes beyond legislation first approve in 2018, but state insurance department officials testified that the rule is within state law boundaries.
The Arkansas Pharmacy Association supported the rule which will, in their words, “hold bad actors accountable that have been, we think breaking the law in some cases.”
Legislators who opposed the new rule said it would intrude on contracts between businesses and individuals or companies and we are saying as a government we know better.”
On the other side, legislators who supported the rule said they were “fighting an anti-trust battle against a very strong, powerful, wealthy, vertically integrated monopoly.”
