Revises provisions relating to pharmacy benefit managers. (BDR 57-534)

SB 209 updates Nevada's rules for pharmacy benefit managers (PBMs), entities that manage prescription drug coverage for insurers. It expands the definition of "pharmacy benefits plan" to include pharmacist services, requiring PBMs to disclose all fees and rebates to insurers and mandating that rebates be used solely to lower premiums or reduce patient costs. The bill prohibits PBMs from steering patients to affiliated pharmacies, discriminating against nonaffiliated pharmacies, or using deceptive pricing practices. These changes apply to PBMs managing coverage for insurers, Medicaid, and employer plans, with new annual reporting requirements for transparency.