California Gov. Gavin Newsom signed a package of healthcare laws cracking down on pharmacy benefit managers (PBMs) and private equity firms. SB 41 bans spread pricing, prohibits PBMs from steering patients to owned pharmacies, and requires rebates to be passed to payers. The law takes effect Jan. 1, 2026. Newsom also signed AB 1415, requiring private equity firms to notify the state before healthcare M&A deals, and SB 351, barring interference in medical decision-making. Lawmakers say the reforms aim to protect patients, strengthen oversight, and curb rising costs.
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