Pharmacy benefit management; requiring pharmacy benefit managers to maintain certain fiduciary duty. Effective date.

SB 161 requires pharmacy benefit managers (PBMs) operating in the state to uphold a specific fiduciary duty. This means PBMs must act in the best interests of patients, not just their own financial gain, when making decisions about drug coverage and pricing. The bill establishes new rules for how PBMs manage prescription drug benefits, mandating transparency and prioritizing patient welfare. It directly affects all PBMs providing services to health plans within the state, changing their operational obligations under current law.