"Patient and Provider Protection Act."

The "Patient and Provider Protection Act" regulates pharmacy benefits managers (PBMs) in New Jersey, directly affecting PBMs, pharmacies (both contracted and independent), and patients who use prescription drugs. It requires PBMs to establish conflict-free committees managing drug formularies, ensures generic drugs are not disadvantaged over higher-cost alternatives, and bans commission-based PBM compensation in favor of flat fees. The bill mandates PBMs to prioritize long-term patient health outcomes, prohibits misleading marketing to steer patients to network pharmacies, and sets reimbursement rules: contracted pharmacies must be paid at least their acquisition cost, while independent pharmacies receive rates no more than 5% below the lowest contracted rate (but not below cost). It also bans contracts conditioning drug rebates on excluding generic drugs and prevents PBMs from restricting independent pharmacies from matching network prices and quantities.