The PBM regulatory landscape continues to evolve rapidly at both federal and state levels, making it critical for our clients involved in the PBM space to stay apprised of developments in the industry. Our team actively monitors these developments to provide you with this quarterly PBM Policy and Legislative Update. This Winter 2024 update builds on prior issues and highlights federal and state activity from October, November, and December 2023. We also highlight a few of the major changes that have already occurred in 2024 in the Since we went to publication… section at the end of the Update. We will provide discussion on these updates and more in the Spring 2024 Update.