Bill advances in TN legislature that would separate PBM’s from Pharmacy ownership

The Tennessee Senate voted to advance Senate Bill 2040, which would prohibit pharmacy benefit managers, or PBMs, from owning or controlling a Tennessee pharmacy license. The legislation, if turned into law, would mean a company could operate as a PBM or own retail pharmacies in Tennessee, but not both. CVS has been in sharp opposition to the proposed bill. In a press release, the company said the legislation would result in the closure of 25 MinuteClinic locations and the loss of more than 2,000 jobs. The Tennessee House is expected to vote on this legislation on Tuesday.