"Patient and Provider Protection Act."

This bill, the "Patient and Provider Protection Act," regulates pharmacy benefits managers (PBMs) in New Jersey. It requires PBMs to act in the long-term health interests of patients (a fiduciary duty), prohibits misleading marketing to steer patients to network pharmacies, and bans contracts with drug manufacturers that exclude generic drugs to secure rebates. PBMs must reimburse contracted pharmacies at cost or higher, and independent pharmacies at rates no more than 5% lower (but never below cost), while prohibiting restrictions on independent pharmacies offering drugs at the same price as network pharmacies. Additionally, it mandates that formulary decisions prioritize lower-cost generic or biosimilar drugs over more expensive brand-name options. The bill directly affects PBMs, pharmacies, and patients covered by health plans using PBM services.