National Community Pharmacists Association CEO B. Douglas Hoey issued a statement on Thursday, congratulating Arkansas on strengthening its generic drug payment legislation.
The bipartisan generic drug reimbursement legislation was signed into law by Gov. Asa Hutchinson on Wednesday.
“Community pharmacists need reasonable reimbursement in order to continue to dispense medication, counsel patients and contribute to the local economy and society,” Hoey said. “Unfortunately, pharmacists have been being paid below their cost of purchasing many generic drugs in recent months, partially due to certain generic drugs that rapidly skyrocket in cost, coupled with long delays in Pharmacy Benefit Managers in adjusting maximum allowable cost, to adjust for the new marketplace pricing. In these instances, pharmacies incur significant and unsustainable losses simply for helping their patients.”
The legislation helps to ensure that pharmacy benefit managers are following the existing maximum allowable cost transparency laws and take steps to ensure fair reimbursement standards for Arkansas’ community retail pharmacies.
“So we congratulate the Arkansas Pharmacists Association on their successful efforts to strengthen their existing law,” Hoey said. “We commend the State House, Senate and Gov. Hutchinson for supporting this measure and protecting the small business owner health care providers of Arkansas and the patients they serve.”