Gianforte Signs Pro-Consumer Bill to Lower Prescription Drug Costs

Governor Greg Gianforte signed a pro-consumer bill to bring transparency and accountability to pharmacy benefit managers (PBM) and help reduce the costs of prescription drugs.

“A lack of transparency into PBMs’ practices has long contributed to the rising costs of prescription drugs,” Gov. Gianforte said. “By increasing oversight of the middlemen in the pharmaceutical supply chain, we’ll bring generic drugs to market faster, increase drug pricing transparency, and promote accountability. I thank Commissioner Downing for spearheading this effort, and Senator Hertz for his work to get this bill to my desk.”

Sponsored by Senator Greg Hertz (R-Polson), Senate Bill 395 creates the Montana Pharmacy Benefit Manager Oversight Act.

It authorizes the Montana Commissioner of Securities and Insurance, Troy Downing, to regulate PBMs to ensure Montanans are getting the lowest price possible for prescription drugs.

“Our agency drafted this bill to uphold a promise I made on the campaign trail—to lower prescription drug prices and create more price transparency in the market. Our team sat with stakeholders to hash out a pro-consumer bill that health plans, PBMs, manufacturers and pharmacies could get behind,” Commissioner Downing said.

He continued, “Thanks to hundreds of hours of discussion and revision, this legislation received broad support from industry and consumers while sailing through the Legislature with overwhelming bipartisan support. Thank you, Governor Gianforte, for your leadership and for signing this important piece of legislation.”

Bringing down prescription drug costs and holding PBMs accountable are key elements of the governor’s Montana Comeback Plan.