Assembly Passes PBM Transparency Measure

The New Jersey Assembly on Friday passed a bill setting new transparency standards for pharmacy benefit manager business practices. Specifically, Assembly Bill 536 concerns licensing and reporting requirements for carriers, PBMs and pharmacy services administrative organizations. The Assembly voted 54-22 to pass the bill. “The bill requires that pharmacy benefits managers apply for a license and pharmacy services administrative organizations register with the Department of Banking and Insurance every three years,” according to an analysis of the measure. “The bill requ...