AN ACT CONCERNING PHARMACY BENEFITS MANAGERS AND PRESCRIPTION DRUG REBATE REPORTING REQUIREMENTS.

SB 1366 requires pharmacy benefits managers (PBMs) to disclose prescription drug costs and lower-cost alternatives to patients, prohibiting contracts that penalize pharmacists for sharing this information. It establishes a fiduciary duty for PBMs to prioritize the interests of health plans, pharmacies, and patients, and mandates annual reporting of rebate practices by health carriers. The bill directly affects pharmacists (by allowing cost transparency), patients (through clearer pricing), and PBMs (by imposing new duties and reporting rules). Key provisions include banning contract terms that restrict cost-sharing disclosures (effective 2018), requiring PBMs to avoid conflicts of interest (effective 2025), and mandating rebate reports to the Insurance Commissioner (starting 2021). These changes aim to increase transparency in drug pricing and pharmacy benefit management.