Bill > SB161

This bill amends Oklahoma's pharmacy benefit manager (PBM) regulations by adding new requirements and restrictions on PBM practices. The bill requires PBMs to maintain a fiduciary duty to insurers and insureds, which means they must act in the best financial interests of their clients. The legislation expands existing prohibitions on PBM practices, including banning fees for pharmacy network participation, preventing discriminatory reimbursement rates, and prohibiting retroactive claim denials. PBMs must now disclose detailed financial information to the Attorney General, including rebate amounts, distribution details, and service payment information. The bill mandates that PBMs establish an electronic claims processing system using national standards, maintain documentation of network activities for at least three years, and provide unrestricted audit rights to state officials. PBMs are also prohibited from restricting pharmacies' ability to inform patients about drug pricing differences and from preventing pharmacies from sharing information with government investigators. The new regulations aim to increase transparency, reduce hidden costs, and ensure fair treatment of pharmacies and patients in the prescription drug management process. The bill will become effective on November 1, 2025.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb161&Session=2600