"Patient and Provider Protection Act."

This bill, the "Patient and Provider Protection Act," imposes new requirements on pharmacy benefits managers (PBMs) in New Jersey. It requires PBMs to have a fiduciary duty to patient health outcomes, prohibits misleading marketing to steer patients to network pharmacies, and bans contracts with drug manufacturers that condition rebates on excluding generic drugs. PBMs must reimburse contracted pharmacies at cost or higher and independent pharmacies at no more than 5% less than contracted rates (but still at cost), and cannot block independent pharmacies from matching network prices. These changes directly affect PBMs, pharmacies (both contracted and independent), and patients covered by health plans using PBMs.