In response to calls for greater transparency in the prescription drug industry, 2019 continued a nationwide trend of increased state licensing and regulation of pharmacy benefit managers (“PBMs”). In the last year, laws requiring PBMs to obtain PBM or Third Party Administrator (“TPA”) licenses/registrations from state regulators were passed or became effective in at least fourteen states. In addition to the new licensing requirements, numerous states also adopted requirements regulating other aspects of PBM operations.
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