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) to prevent unfair practices affecting patients and pharmacies. It bans "spread pricing" (where PBMs charge insurers more than they pay pharmacies) and prohibits PBMs from restricting patient choice of pharmacy, imposing extra certification requirements beyond state law, or forcing mail-order use. The bill requires PBMs to calculate patient costs using all rebates received and apply patient payments toward deductibles. It directly affects PBMs, pharmacies, and patients covered by health plans in Iowa.