Health care; creating the Oklahoma Rebate Pass-Through and Pharmacy Benefits Manager Meaningful Transparency Act of 2025; definitions; requirements; effective date.

This bill requires Oklahoma pharmacy benefits managers (PBMs) and health insurers to reduce enrollees' out-of-pocket prescription drug costs by at least 85% of rebates received from drug manufacturers. PBMs and insurers must calculate costs at the point of sale using prices reduced by these rebates, with penalties of $100-$10,000 per violation for non-compliance. The law protects rebate details as trade secrets, prohibiting disclosure of specific amounts to manufacturers, pharmacies, or the public. It directly affects PBMs, insurers, and health plan members by mandating lower prescription costs while preserving confidentiality around rebate negotiations.