Prescription drugs; creating the Access to Lifesaving Medicines Act; prohibiting certain costs and requiring rebates under certain plans. Effective date.

SB 34, the "Access to Lifesaving Medicines Act," prohibits health insurers and pharmacy benefits managers (PBMs) from requiring insured Oklahomans to pay "excess cost burdens" for prescription drugs - defined as costs exceeding the insurer's net price after discounts. It mandates that PBMs must offer rebates directly to health benefit plan enrollees and limits out-of-pocket costs to the lowest of six specified amounts, including the maximum allowable drug cost and the adjusted out-of-pocket amount. The law directly affects patients with prescription drug coverage, insurers, and PBMs by restructuring how drug costs are shared at the point of sale. It requires insurers to follow these cost-sharing rules starting November 1, 2025, and directs the Insurance Commissioner to create implementing regulations.