New Jersey Signs PBM Transparency Bill
New Jersey Governor Chris Christie has signed a PBM transparency bill into law requiring pharmacy benefits managers to obtain a certification from the New Jersey Department of Banking and Insurance (DOBI) in order to operate in the state. This legislation, S-3185/A-4676, requires all PBMs in the state to comply with Organized Delivery Systems requirements, including those dealing with prompt payments of claims — in short, PBMs will be heavily regulated by DOBI. This legislation goes into effect April 16, 2018.
This legislative success is the result, in large part, of the New Jersey Pharmacists Association’s (NJPhA) grassroots efforts. NJPhA members mobilized to place countless phone calls to Governor Christie’s office urging him to sign the bill into law just hours before his term ended.