Provides that pharmacy benefits managers have fiduciary duty to financial interests of covered persons.

This bill requires pharmacy benefits managers (PBMs) to prioritize the financial interests of patients (covered persons) above those of health insurers. Specifically, PBMs must act as fiduciaries for patients' costs, ensuring they aren't charged more at the pharmacy than the cost-sharing amount or the cash price for the same medication without insurance. The law also prohibits PBMs from requiring patients to pay extra beyond these limits and mandates good-faith dealings with both patients and pharmacies. It applies to all health plans in New Jersey, including state programs and self-insured employer plans.