Governor Whitmer and the Department of Insurance and Financial Services (DIFS) are introducing new licensing rules for pharmacy benefit managers (PBMs) to alleviate prescription drug costs for Michiganders. These changes, outlined on a newly launched DIFS website, stem from a set of prescription drug bills enacted last year. Governor Whitmer has stressed the importance of ensuring affordable access to necessary medications without forcing tough choices between health and other expenses.
Director Anita Fox highlighted the role of PBMs in managing drug benefits and the significance of DIFS’ licensing authority in safeguarding Michiganders from soaring drug expenses. The legislation, born from recommendations by the Prescription Drug Task Force, imposed crucial consumer safeguards, including oversight on PBM licenses, bans on “gag clauses” and “spread pricing,” and requirements for PBMs to furnish transparency reports to DIFS. These measures aim to provide clarity, reduce costs, and enhance access to crucial drug cost information for Michigan residents.