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

This bill requires health benefits plans in New Jersey that use pharmacy benefits managers to allow any pharmacy meeting standard contract terms to join their network. The Commissioner of Banking and Insurance will define these terms as reasonable and relevant by reviewing existing contracts and ensuring reimbursement fees cover pharmacy ingredient and operational costs. The law applies to new or renewed contracts between health plans and pharmacy managers starting thirteen months after it is enacted.