Pharmacy Benefit Managers (“PBMs”) are no longer just an insurance concern—they are central players in how drugs are priced, accessed, and reimbursed across the healthcare system. As states rapidly expand licensing, registration, and operational requirements for PBMs, attorneys across healthcare disciplines are increasingly encountering PBM-related issues in provider contracts, reimbursement disputes, compliance obligations, and transactional strategy.  In this presentation, Jennifer Osborn, an insurance regulatory partner at Polsinelli PC—a national Am Law 100 firm with a leading healthcare practice—provides a practical overview of the evolving PBM regulatory landscape, including new licensing regimes, transparency mandates, and patient protection rules. The session also explores how these changes are reshaping risk and opportunity for providers, pharmacies, pharmaceutical and medical device companies, and plan sponsors.

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