Florida’s new PBM law in effect: Key takeaways for employers

Florida passed the Prescription Drug Reform Act (the “Act”) last summer, which requires pharmacy benefit managers (PBMs) doing business in the state to meet additional regulatory requirements. The Act is the most comprehensive reform to Florida’s prescription drug market to date, and it regulates PBMs by imposing various transparency, accountability, and reporting requirements. The Act affects health plans providing prescription drug coverage and pharmacies doing business with PBMs in the state. The Act’s effects on employer-sponsored prescription drug coverage began for many employers as of January 1, 2024.

This alert addresses the provisions of the Act impacting employer-sponsored health plans providing prescription drug coverage and actions required by affected employers to comply with the new requirements. It is relevant for employers offering prescription drug benefits to Florida employees.