Michigan lawmakers passed a bipartisan bill Feb. 16 that seeks to increase the transparency of its pharmacy benefit managers in an effort to bring down prescription drug prices.
While the bill still has to be signed by Michigan Gov. Gretchen Whitmer, she issued a statement praising the legislation and announcing her intent to add her signature.
"We must continue working together to improve transparency in health care, hold accountable people and corporations profiting from skyrocketing prices, and make life-saving, essential medication like insulin affordable for every Michigander who needs it," Ms. Whitmer said. "Together, we can keep lowering costs for families as we grow our economy, create good-paying jobs, and put Michiganders first."
The bill would require pharmacy benefit managers to complete transparency reports that would give stakeholders the ability to see costs and profits of medication. In an effort to increase enforcement, entities would also be required to obtain a license to be pharmacy benefit managers in Michigan.