Vermont Gov. Phil Scott (R) signed into law H233, which strengthens PBM reform and oversight. The law requires PBM certification instead of the state’s previous policy of registration. The law also prohibits spread pricing, gag clauses, and making classifications of drugs beyond what is established by state and federal governments and the Board of Pharmacy.
The law creates fiduciary responsibility for the PBM to the payer. Broader authority for enforcement and rulemaking is given to the commissioner of the Department of Financial Regulation (DFR). The cost of the DFR’s examinations of PBMs will be charged to the PBMs. The law appropriates $405,000 to hire three individuals to oversee PBM regulation, including one enforcement attorney and two investigators. By Jan. 15, 2025, the DFR will report its position to legislative committees on whether pharmacies, pharmacists, and other persons injured by a PBM law violation should be able to bring an action against PBMs in Superior Court. Way to go, Green Mountain State!
