❌ HB229
Establish licensing process, contract requirements for PBMs
Current Status: In Senate Committee (Financial Institutions, Insurance and Technology)
Summary
The bill establishes a licensing process and contractual requirements for pharmacy benefit managers (PBMs) in Ohio. Starting January 1, 2027, individuals or entities must be licensed to act as PBMs, and they are required to enter into written agreements with plan sponsors. The bill outlines application procedures, fees, and penalties for non-compliance.
Rationale
The bill imposes government licensing and regulatory requirements on pharmacy benefit managers, which conflicts with Libertarian principles advocating for minimal government intervention and free market operations. Both the LP and LPO platforms oppose occupational licensing and government mandates that restrict individual and economic freedoms.
Risks and Concerns
- Increased government control over the pharmacy benefit management industry
- Potential for cronyism and favoritism in the licensing process
- Higher costs for consumers due to regulatory compliance