Pharmacy Benefit Prompt Pay Act; revise.

Summary

The bill updates the state’s Pharmacy Benefit Prompt Pay Act, adding new definitions, licensing requirements, and prohibitions on certain PBM practices. It forces pharmacy benefit managers (PBMs) and pharmacy services administrative organizations (PSAOs) to be licensed, renew annually, and give pharmacists a reason for claim denials within seven days. The changes aim to improve payment speed, increase transparency, and prevent practices that could harm independent pharmacies.

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