State lawmakers across the country are taking aim at pharmacy benefit managers (PBMs), the powerful middlemen that negotiate prescription drug prices and manage pharmacy benefits for health insurers. While PBMs have long maintained that they help lower costs by securing discounts from drug manufacturers and encouraging the use of generic medications, many have criticized them, saying their business practices have become too opaque and are driving independent pharmacies out of business.

Legislators in at least a dozen states approved new laws designed to limit PBM compensation, require greater transparency, and increase reimbursement rates for local pharmacies. More than 120 PBM-related bills have been introduced in 26 states, showing the growing bipartisan concern over rising prescription costs.

Some of the strongest action came in Tennessee, where a new law will prohibit PBMs from owning retail pharmacies beginning in 2028. CVS, one of the nation’s largest PBMs and pharmacy chains, has filed a federal lawsuit seeking to block the law, arguing it unfairly targets the company. Similar legal battles are unfolding elsewhere as states push for tougher oversight.

Americans continue to struggle with medication costs, with many patients showing they have skipped doses, delayed refills, or gone without prescriptions because they could not afford them. Congress has also begun increasing federal oversight of PBMs, indicating that more scrutiny of the industry is likely to continue.

States are adjusting their strategies by taking aim at pharmacy benefit managers, the companies that help determine which drugs are covered, what pharmacies are paid, and how much patients spend at the counter…

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This could be a favorable outcome for independent pharmacies, many of which say that current payment rates are forcing them to shut their doors. Keeping these pharmacies open could make it far easier for millions of Americans to access their medications without having to travel long distances.

As more legislatures pass their own PBM laws, national companies could be forced to operate under dozens of regulatory systems, ranging from reimbursement rules to pharmacy ownership restrictions.

That would make compliance more complicated and could accelerate calls for Congress to create a single national set of standards rather than leaving each state to regulate the industry differently.

Pharmacy benefit managers decide which drugs insurers will cover, negotiate discounts with manufacturers, and determine how much pharmacies are reimbursed. These new state laws are designed to reduce their influence and make the pricing process more transparent, subsequently strengthening independent pharmacies.

If their efforts succeed, patients across the country could benefit from more local pharmacy options, especially in rural communities where the loss of a single pharmacy can leave residents without nearby access to medications.

The type of money, if any, that patients ultimately save remains an open question. Many believe that requiring PBMs to share more of the discounts they negotiate and restricting certain business practices could lower insurance costs and reduce what patients pay for prescriptions over time.

PBMs themselves counter that those costs may simply be passed on to other parts of the healthcare system. As the court battles unfold, the rulings will shape who has the most influence over prescription drug pricing and how much authority states have to change the way medications are paid for and delivered.

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The most recent qualified offering circular is available at https://www.sec.gov/Archives/edgar/data/1830166/000149315226017123/form253g2.htm. The most recent qualified offering circular and any supplements can also be found on the SEC’s EDGAR filing database, available at www.sec.gov/edgar/search/. Prospective investors should note that neither the SEC nor any federal or state securities commission or regulatory authority has approved or recommended our securities or determined that our offering circular is truthful or complete. Any representation to the contrary is unlawful. We are not a broker-dealer or investment adviser registered under the Securities Exchange Act of 1934 or the Investment Advisers Act of 1940. No communication made by us or any of our affiliates, through this communication or any other medium, should be construed as a recommendation to purchase, sell, or hold any securities, or as investment, tax, financial, accounting, legal, regulatory, or compliance advice. Neither this communication nor any of its content constitutes an offer to sell, solicitation of an offer to buy or a recommendation for any of our securities by our company or any third party. The content presented here is provided for general information purposes only and is not intended to solicit the purchase of securities or to be used as investment, legal or tax advice. Statement Regarding Forward-Looking Statements The information presented herein may include forward-looking statements, estimates, or projections regarding our anticipated future performance. If present, these statements are subject to risks, uncertainties, and assumptions. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “future” or “continue”, the negative of these terms, and other comparable terminology. Such forward-looking statements are based on current plans, estimates and expectations and are made pursuant to the Private Securities Litigation Reform Act of 1995. These statements, estimates and projections, if any, are based upon various assumptions made concerning our anticipated results and industry trends, which may or may not occur. We are not making any representations as to the accuracy of any such forward-looking statements, estimates or projections. Our actual performance may be materially different from any such statements, estimates or projections. We are under no duty to update any of these forward-looking statements to conform them to actual results or revised expectations.