Iowa SF315 establishes a competitive process for pharmacy benefits manager (PBM) reverse auctions for public sector health plans.

Iowa SF315, also known as the Iowa Competitive Pharmacy Benefits Managers Marketplace Act, mandates the Department of Administrative Services (DAS) to implement a competitive bidding process for pharmacy benefits manager services. The bill requires DAS to procure a technology platform capable of conducting PBM reverse auctions and related services by November 1, 2025. The first reverse auction must be completed and the services contract awarded by January 1, 2026, with subsequent contracts awarded no later than three months before the current contract expires.

Iowa SF315 establishes a competitive process for pharmacy benefits manager (PBM) reverse auctions for public sector health plans.

Iowa SF315, also known as the Iowa Competitive Pharmacy Benefits Managers Marketplace Act, mandates the Department of Administrative Services (DAS) to implement a competitive bidding process for pharmacy benefits manager services. The bill requires DAS to procure a technology platform capable of conducting PBM reverse auctions and related services by November 1, 2025. The first reverse auction must be completed and the services contract awarded by January 1, 2026, with subsequent contracts awarded no later than three months before the current contract expires.