HELENA — A company that negotiates prescription drug prices on behalf of insurance plans has agreed to a third-party examination of its records as state leaders try to rein in the increasing costs of prescription medications.
In June, Montana proposed fines against Prime Therapeutics for operating without a license. The pharmacy benefits manager applied for a license but was denied because it did not provide information about its contracts and pricing data.
A settlement announced Wednesday by state Auditor and Insurance Commissioner Matt Rosendale said Prime has agreed to pay up to $375,000 for an examination of its contracts, including any kickbacks or rebates it receives to include specific drugs in its “formulary” of medications covered under the insurance plans.
Prime negotiates prescription prices for Blue Cross and Blue Shield of Montana.