Requires certain standards be established for contracts between pharmacy benefits managers and health benefits plans.

This bill requires health benefits plans in New Jersey to allow any pharmacy that meets standard contract terms to participate in their network when pharmacy benefits managers are involved. It mandates that contract terms between these entities be reasonable and relevant, with the state Commissioner of Banking and Insurance responsible for defining these standards by reviewing current agreements and ensuring reimbursement fees cover operational costs. The law applies to contracts initiated or renewed after its enactment, which is set to take effect thirteen months after introduction.