RELATING TO PHARMACY BENEFIT MANAGERS.

The definition of 'contracting pharmacy' was changed from excluding HMOs to requiring the pharmacy to be independent, not part of a chain, and located such that no other pharmacy exists within a ten-mile radius.

The bill's section numbers were renumbered (e.g., Section 3 became Section 5 in the new order) and the funding appropriation was moved to appear before the sunset clause.

The legislative findings were rewritten to update the citation of the repealed statute from section 328-106 to section 326-106 and to clarify the reasons for the repeal.

The effective date of the Act was changed from July 1, 3000, to January 30, 2050.

The definition of 'pharmacy benefit manager' was removed from the text, likely relying on the existing definition in section 431S-1.

Removed the exemption allowing health maintenance organizations in fully integrated delivery systems to opt out of the new PBM regulations.

Changed the definition of 'contracting pharmacy' to exclude pharmacies that are part of a national or regional chain, broadening the group of pharmacies subject to the rules.

Added a specific definition for 'obsolete' drugs to clarify how they are treated under the law.

Updated the reporting requirement for PBMs to provide the 'latest' maximum allowable cost prices instead of just the 'most up-to-date' prices.

Revised the external review process so that costs are assigned to the complaining pharmacy and the PBM involved in the dispute, rather than the complaining pharmacy alone.

Changed the effective date of the Act from January 30, 2050, to July 1, 3000.

Added an exemption for health maintenance organizations within fully integrated delivery systems that own and operate their own pharmacies.

Expanded the definition of 'maximum allowable cost list' to include specific pricing methodologies like average acquisition cost, average wholesale price, and discount indexing.

Added an appropriation of unspecified funds from the state general revenue to the Insurance Division of the Department of Commerce and Consumer Affairs for enforcement.

Changed the effective date of the Act from immediate approval to January 30, 2050.

Added a clause stating the Act shall not impair existing contracts in violation of state or federal constitutions.

Refined the contract requirements to specify that pharmacy benefit managers must include specific information in contracts with contracting pharmacies.