A bill for an act relating to pharmacy benefits managers, pharmacies, and prescription drugs and including applicability provisions.

This bill regulates pharmacy benefits managers (PBMs) by defining and prohibiting certain pricing practices, such as "spread pricing." It mandates that patient cost-sharing for prescription drugs be reduced at the point of sale by at least 100% of any rebates received by the PBM or health carrier. The legislation also prevents PBMs from discriminating against pharmacies, limiting a patient's choice of pharmacy, or requiring exclusive use of mail-order pharmacies. These provisions directly affect PBMs, health carriers, pharmacies, and individuals covered by health plans.