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A day after Gov. Kim Reynolds signed a bill into law that's aimed at helping keep rural pharmacies in business but could also lead to higher drug costs for Iowans, some local pharmacy owners across the state are still celebrating. Prior to Reynolds signing the legislation into law Wednesday, the owners of Spring City Pharmacy say they were worried it wouldn't get signed. "We were getting to the point that we thought it might not happen," said Brad Magg, one of the three owners of Spring City Pharmacy. "We were making those plans of how do we carefully shut the doors down without disrupting our community." The law establishes both regulations and restrictions on pharmacy benefit managers, also known as PBMs. PBMs negotiate prescription drug prices between manufacturers, health insurance companies and pharmacies."It's not unusual to lose $.20 or $10. There's some we lose $200 to $300 on. In the last three years, we've been negatively reimbursed over $100,000," Magg said. "You want to take care of the patients, but you can't afford to lose $200 to $300. Meanwhile, they've got $100 out-of-pocket copay. They're feeling the pinch as well. Meanwhile, the PBMs have been making billions and trillions of dollars." The law sets limits to stop PBMs from favoring a specific pharmacy to fill a prescription. It also aims to create a fair reimbursement system and sets new limits to stop PMBs from favoring a specific pharmacy to fill a prescription. The law requires pharmacies to be reimbursed at the average state or national acquisition cost of a drug. The owners of Spring City Pharmacy say it's been around for more than 120 years. It closed for some time before the current owners reopened it three years ago. "We are born and raised here. This is our town. When we opened the doors three years ago--when we reopened these doors, we did it thinking that we would be able to provide a service for our community," said Brenda Tjaden, another co-owner of Spring City Pharmacy. "It's a service that this town needs and now — with this being passed — we can do that." During the legislative session, some opponents of the bill raised concerns that higher reimbursements to pharmacies would raise drug prices for Iowa customers.����vlog either didn't hear back from some associations, or they couldn't speak on Thursday.However, the Iowa Association of Business and Industry did release the following statement Wednesday after the governor signed the bill: “ABI is disappointed in today’s action. ABI testified at every turn in favor of legislation that would support small independent pharmacies in Iowa. The bill that the Governor signed today is not that. Senate File 383 includes expensive, unneeded provisions that are going to drive up the costs of pharmacy services in Iowa without any discernable improvement in patient care. Iowans – including businesses and employees – will bear these costs at the pharmacy counter and in the structure of their health care plans. This is an additional headwind in an already challenging business environment. Now law, ABI will take every opportunity to mitigate the increased costs on our members and their team members throughout Iowa.” "In every state that's done this so far, it's decreased the insurance costs and prescription drug costs in the state," Magg said. Magg and Tjaden — along with the pharmacy's third co-owner, pharmacist Brittney Van Houweling — are grateful for all the work done to get this piece of legislation signed into law. They say people in their community have shown true kindness and support. "They have made the calls. They have emailed. They've done everything possible," Tjaden said. "Some of them have said, don't run it through my insurance. I'll pay cash," Magg said. The law goes into effect July 1. "We believe we won't see the full effect until the first part of January when most of our contracts renew, but we're looking forward to getting some clarification over the next few weeks," Magg said.