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Bill

SB 669

Pharmacy benefits managers; requirements, application of law, report, delayed effective date.

2026 Regular Session Introduced by Mark Peake and 1 co-sponsor

Virginia regulates pharmacy benefit managers' operations, imposes transparency reporting requirements, and delays implementation to allow compliance preparation.

Fiscal Impact Statement from State Corporation Commission (SB669)
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Bill Summary · SB 669

Legislative bill overview

SB 669 regulates Pharmacy Benefit Managers (PBMs) in Virginia by establishing requirements for their operations, mandating transparency reporting, and delaying implementation to allow stakeholders time to comply. The bill imposes structural and operational constraints on how PBMs can conduct business within the state, with specific focus on their relationships with pharmacies and insurers.

Why is this important

PBMs act as intermediaries between insurers, pharmacies, and patients, controlling drug formularies and pricing—making them significant actors in healthcare costs. Regulatory changes can affect prescription drug accessibility, pharmacy profitability, insurance premiums, and ultimately what patients pay out-of-pocket. Virginia's approach may serve as a model for other states considering PBM reform.

Potential points of contention

  • Industry compliance burden: PBMs argue that strict regulations increase administrative costs, which may be passed to insurers and consumers through higher premiums
  • Definition and scope ambiguity: Disputes over which PBM practices are actually prohibited versus merely regulated, potentially creating legal uncertainty
  • Delayed effective date rationale: Questions about whether the delay adequately protects consumers during the interim period or unnecessarily extends harmful practices
  • Balancing innovation vs. restrictions: Concerns that heavy regulation may discourage competitive market entry and investment in pharmacy networks
  • Reporting requirements detail: The specific data and metrics PBMs must report could be contentious—overly burdensome or potentially insufficiently transparent depending on stakeholder perspective

Compiled from official sources — confirm details with the bill’s official record.

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