A new state law in Arkansas aimed at regulating pharmacy benefit managers (PBMs) went into effect this month. Act 3, crafted during the 2018 special session, authorizes the Arkansas Insurance Department to license and oversee PBMs. This new law includes mandated reporting on spread pricing, hopefully eliminating the practice.
“Our understanding is the spread pricing has been eliminated so it should make it easier for patients to receive services and taxpayers to not be overcharged for administrative fees that they don’t understand, to be honest with you, because they’re opaque,” John Vinson, COO of the Arkansas Pharmacists Association said. “We like transparency and simplicity rather than complexity.”