Establishes audit and payment requirements for pharmacy benefit managers.

This bill requires pharmacy benefit managers (PBMs) to provide clear, updated pricing information to pharmacies every seven days, including how drug prices are determined for both generic and brand medications. It mandates that PBMs pay or deny pharmacy claims within 14 calendar days (with written notice for denials) and establish internal appeal processes for payment disputes. Health insurance carriers, including state programs like Medicaid and the State Health Benefits Program, gain access to PBMs' transaction data for audits and must receive annual reports from PBMs. These provisions aim to increase transparency and accountability in pharmacy payment systems, directly affecting PBMs, pharmacies, and health insurance carriers.