TO REGULATE PHARMACY BENEFITS MANAGERS; TO AMEND THE LAW CONCERNING THE STATE AND PUBLIC SCHOOL LIFE AND HEALTH INSURANCE PROGRAM; AND TO AMEND THE LAW CONCERNING CERTAIN HEALTH BENEFIT PLANS.

House Bill 1354 aims to regulate Pharmacy Benefits Managers (PBMs) concerning health benefit plans for state government and public school employees in Arkansas. The bill prohibits state and public plan sponsors, such as municipalities and public colleges, from contracting with PBMs that utilize standardized national contracts with pharmacies for services. Instead, PBMs contracting with these public plans must adhere to Arkansas-specific rates, terms, and conditions. This measure ensures that PBM practices for public health benefit plans comply with state law, directly affecting how these entities manage prescription drug benefits.