No one should struggle to access or afford the medicines they need, and last week, Arkansas took a big step forward in making sure that’s not the case.
Arkansas puts patients first with new share the savings law
Recently, Arkansas became the latest state to enact a law so that many patients aren’t paying more for their medicines than their insurance company or pharmacy benefit manager (PBM). The policy, commonly referred to as “share the savings,” requires insurers and the PBMs they work with to share the rebates, discounts, and other price concessions they receive from manufacturers directly with patients at the pharmacy counter. The policy stands to help hundreds of thousands of Arkansans save at the pharmacy counter.
Negotiations between pharmaceutical companies, health insurers, pharmacy benefit managers and others result in significant rebates and discounts that totaled $236 billion in 2021. Unfortunately, those savings aren’t always shared with patients at the pharmacy counter. By requiring health insurance companies and PBMs to pass along the rebates and discounts they receive from manufacturers, Arkansas patients in those plans could stand to save up to $1,000 a year on their medicines, thanks to the new law.
With lower out-of-pocket costs, the law will help to increase the chances people will be able to take their medicine as prescribed, and ultimately, result in better health outcomes for many Arkansans.
No one should struggle to access or afford the medicines they need, and last week, Arkansas took a big step forward in making sure that’s not the case. Other states should follow their lead and make insurance work like it should.
To learn more, visit PhRMA.org/States.
