WASHINGTON, Jan. 11, 2017 /PRNewswire-USNewswire/ -- The Pharmaceutical Care Management Association (PCMA) issued the following statement on a new proposal by Governor Andrew Cuomo (D-NY) that includes regulations on pharmacy benefit managers (PBMs):
"This mandate would increase costs by tying the hands of employers, unions, and public programs that hire PBMs to negotiate discounts on prescription drugs. It may also be illegal, given today's decision in the U.S. Federal Appeals Court in the 8th Circuit."
PCMA is the national association representing America's pharmacy benefit managers (PBMs). PBMs administer prescription drug plans for more than 266 million Americans who have health insurance from a variety of sponsors including: commercial health plans, self-insured employer plans, union plans, Medicare Part D plans, the Federal Employees Health Benefits Program (FEHBP), state government employee plans, managed Medicaid plans, and others.