Regulates certain practices of pharmacy benefits managers and health insurance carriers.

This bill regulates pharmacy benefits managers (PBMs) and health insurance carriers in New Jersey to address harmful practices like "steering." It prohibits PBMs from directing patients to affiliated pharmacies (e.g., their own mail-order services), requiring them to charge health plans the same price they pay pharmacies, and banning excessive copays or withholding coverage for cheaper drug alternatives. PBMs engaging in steering face a 10% surcharge on prior year pharmacy reimbursements, with annual reporting to the state. The law directly affects PBMs, health insurers, and patients - especially in rural areas or managing chronic conditions - by aiming to lower drug costs and improve access to affordable care.