July 26, 2024 - Hollidaysburg, PA
Governor Josh Shapiro joined Pennsylvania Insurance Commissioner Michael Humphreys, members of the General Assembly and local pharmacists at Thompson Pharmacy in Blair County for a ceremonial bill signing of bipartisan reforms in the 2024-25 budget that increase oversight of pharmacy benefit managers (PBMs), the hidden "middlemen" of the pharmaceutical supply chain who largely go unchecked and unregulated as they negotiate the price of prescription drugs, passing the costs down to Pennsylvanians. Last week, Governor Shapiro signed House Bill (HB) 1993 into law, providing stronger protections for commercially insured patients in the Commonwealth and increasing regulatory oversight of PBMs. "Since January 1st of this year, over 70 independent pharmacies have closed their doors in the Commonwealth of Pennsylvania, and 21 of Pennsylvania's 67 counties already have fewer than 10 pharmacies," said Governor Shapiro. "Local independent pharmacies are being forced out of business, primarily due to the greed and conduct of PBMs - the unseen middlemen - who manipulate and profit off of the pharmaceutical system, screwing over consumers and our community pharmacies along the way. The bipartisan bill I am signing today will give the Pennsylvania Insurance Department the power to pull back the curtain on PBM business practices, examine the books, and get real answers from them. We're cutting health care costs for Pennsylvanians and supporting local, independent pharmacies that support our communities." Speakers Include: Senator Judy WardBill Thompson, Owner, Thompson's PharmacyRepresentative Jessica BenhamJoe Breton, Owner, Northern Bedford PharmacyInsurance Commissioner Michael HumphreysKathy KilgoreGovernor Josh Shapiro
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