Iowa SSB1017 establishes a competitive bidding process for pharmacy benefits managers, ensuring cost-effective prescription drug services for public.

Iowa SSB1017, known as the "Iowa Competitive Pharmacy Benefits Managers Marketplace Act," mandates the Department of Administrative Services to implement a reverse auction process for pharmacy benefits managers (PBMs). This process involves an automated, transparent bidding system where PBMs compete to offer the lowest prescription drug costs. The bill requires the department to procure a technology platform for conducting these auctions and to perform real-time, electronic reviews of PBM claims to ensure compliance with contract terms.

Iowa SSB1017 establishes a competitive bidding process for pharmacy benefits managers, ensuring cost-effective prescription drug services for public.

Iowa SSB1017, known as the "Iowa Competitive Pharmacy Benefits Managers Marketplace Act," mandates the Department of Administrative Services to implement a reverse auction process for pharmacy benefits managers (PBMs). This process involves an automated, transparent bidding system where PBMs compete to offer the lowest prescription drug costs. The bill requires the department to procure a technology platform for conducting these auctions and to perform real-time, electronic reviews of PBM claims to ensure compliance with contract terms.