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Health Care & Hospital Law,
Government

Oct. 9, 2024

Newsom's surprise veto of PBM regulation bill is a call for patience

California Gov. Gavin Newsom has vetoed Senate Bill 966, allowing for more restraint and reflection during a period of hyperactivity in state Pharmacy Benefit Management legislation.

Hassan Shaikh

Associate, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Shutterstock

In a late-September announcement, Gov. Gavin Newsom unexpectedly vetoed Senate Bill 966, bucking with a national trend to more closely regulate pharmacy benefit managers and overriding the state legislature's near-unanimous support of the bill. Newsom's veto--which is notably restrained in an era of flurried federal and state activity targeting the PBM (Pharmacy Benefit Management) industry--took market watchers by surprise.

"I believe that PBMs must be...

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