AN ACT RELATING TO INSURANCE -- PHARMACY FREEDOM OF CHOICE--FAIR COMPETITION AND PRACTICES

This bill strengthens oversight of pharmacy benefits managers and pharmacy benefit management services in Rhode Island by requiring them to register with the Department of Business Regulation and file detailed public reports on their financial arrangements and corporate relationships. It mandates that these managers cannot stop pharmacists from telling patients about drug costs or alternative purchasing options, and it prohibits charging copayments that exceed the actual amount the pharmacy receives for dispensing a prescription. Additionally, the law requires a streamlined appeal process for pharmacies to resolve disputes over multi-source generic drug pricing within fifteen days. These changes aim to increase transparency and ensure fair competition in how prescription drug benefits are administered.