Oklahoma Attorney General Gentner Drummond is leading a coalition of 45 attorneys general urging new federal rules aimed at increasing transparency in prescription drug pricing.
The group is calling on the U.S. Department of Labor to require pharmacy benefit managers, known as PBMs, to disclose how they set drug prices and generate revenue. PBMs manage prescription drug benefits for insurers and employer health plans, but critics say employers often lack visibility into how costs are determined.
“When Oklahomans and their employers are paying more for prescription drugs, they deserve to understand why,” Drummond said.
The proposed rule would require PBMs to report revenue details twice a year and allow employers to audit their practices.
In addition, the coalition is asking federal regulators to clarify that the rule would not override existing state laws and to coordinate enforcement efforts with state attorneys general.
Drummond’s office has taken separate action at the state level, including investigations into PBM practices and a $32 million settlement tied to the state employee health plan.
Nationwide, PBMs play a significant role in the prescription drug market, with the three largest companies handling about 80% of all claims.
