WEST VIRGINIA (WDVM) — West Virginia signed legislation into law to crack down on pharmacy benefit managers.
Approximately 1 in 4 Americans cannot afford their prescription medications.
Governor Jim Justice signed House Bill 2263, earlier this year, making it first-of-its-kind legislation that will save West Virginians who have commercial health insurance money.
The legislation requires insurers and their PBMs to share the savings they negotiate on medicines directly with patients.
“The new law in West Virginia is nothing short of revolutionary. It’s the first state in the country, that ensures you share that money with patients,” said Antonio Ciaccia, president of 3 Axis Advisors.
This bipartisan solution was passed unanimously in West Virginia and may serve as a roadmap for other states looking to help lower costs for patients.