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Illinois legislators introduce bill designed to lower prescription drug costs

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The Wholesale Prescription Drug Importation Program Act calls for the Illinois Department of Public Health to establish a network with Canadian prescription drug suppliers and wholesalers to provide affordable options to consumers.
Illinois legislators have introduced a bill aimed at reducing prescription drug costs by targeting the practices of pharmacy benefit managers (PBMs). The proposed legislation seeks to increase transparency and accountability in how PBMs operate, particularly in their pricing and rebate structures. The bill would require PBMs to pass on at least 85% of rebates and discounts they receive from drug manufacturers to health plans, which could potentially lower premiums and out-of-pocket costs for consumers. Additionally, it aims to ban spread pricing, where PBMs charge health plans more than they reimburse pharmacies, keeping the difference as profit. This initiative comes as part of a broader effort to address the rising costs of prescription drugs, which have been a significant concern for many Illinois residents.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/illinois-legislators-introduce-bill-designed-to-lower-prescription-drug-costs/ar-AA1xfYdT ]