AN ACT ESTABLISHING A DUTY OF GOOD FAITH AND FAIR DEALING OWED BY PHARMACY BENEFITS MANAGERS.

SB 820 requires pharmacy benefits managers (PBMs) to act in good faith and fairly when interacting with health carriers, health plan sponsors, pharmacies, and patients. It establishes this duty as a legal standard under Connecticut law, directly affecting PBMs who manage prescription drug benefits for insurers and plans. The bill mandates that PBMs handle all business dealings - including pricing, formulary decisions, and payments - with transparency and fairness. This policy change aims to clarify PBMs' obligations to all parties involved in pharmacy benefit management.