Bill > SB773

This bill modifies Oklahoma's laws governing pharmacy benefit managers (PBMs), expanding regulatory oversight and implementing new restrictions on their practices. The bill updates definitions of key terms, prohibits PBMs from engaging in certain unfair practices such as charging enrollment fees to pharmacies, spread pricing, and discriminatory reimbursement policies, and grants the Attorney General broader investigative powers. Specifically, the Attorney General can now request detailed information about prescription drug transactions, subpoena records, and levy fines up to $10,000 per violation. The bill also establishes new requirements for PBMs, including mandatory quarterly reporting of rebate and payment information, maintenance of network development documentation, and full disclosure of pharmaceutical contract details. Additionally, the legislation provides mechanisms for the Attorney General to suspend or revoke a PBM's license for non-compliance, requires PBMs to cooperate with investigations, and establishes specific procedures for hearings and appeals. The bill aims to increase transparency in pharmacy benefit management, protect pharmacies and patients from potentially predatory practices, and provide stronger state-level oversight of PBM operations. The changes will take effect on November 1, 2025.

Business and Industry, Health and Social Services

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb773&Session=2600