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Bill > S378
NJ S378
NJ S378Provides that pharmacy benefits managers have fiduciary duty to financial interests of covered persons.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill provides that pharmacy benefits managers have a fiduciary duty to the financial interests of covered persons. Pursuant to current law, pharmacy benefits managers interacting with covered persons have the same duty to the covered persons as the health benefits plan or carrier for whom it is performing pharmacy benefits management services. Pursuant to the bill, that duty would continue, but pharmacy benefits managers would have an additional fiduciary duty to the financial interests of covered persons. In this context, fiduciary duty means that the pharmacy benefits manager must prioritize the financial interests of covered persons above the interests of the health insurance carrier with which it contracts.
AI Summary
This bill amends existing law to establish that Pharmacy Benefit Managers (PBMs), which are companies that manage prescription drug benefits on behalf of health insurance carriers, now have a fiduciary duty to the financial interests of covered persons, meaning the individuals insured by the health plan. This means PBMs must prioritize the financial well-being of patients above the interests of the health insurance carriers they contract with, in addition to their existing duties. This change aims to ensure that PBMs act in the best financial interest of patients when managing prescription drug benefits.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 01/13/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/S378 |
| BillText | https://pub.njleg.gov/Bills/2026/S0500/378_I1.HTM |
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