PBMs Face New Licensing Requirements in Two States

Pharmacy benefit managers in Kentucky and New Mexico are facing new licensing requirements. Any unlicensed PBM in New Mexico was required to submit an application to the state’s Office of the Superintendent of Insurance by Nov. 1. According to Bulletin 2016-21 issued by the superintendent on Aug. 23, failure to comply with provisions of the New Mexico Pharmacy Benefits Manager Regulation Act may result in a penalty of up to $10,000 per violation and cessation of business operations in the state. “As OSI seeks to improve the pharmacy benefits manager system in New Mexico for all s...