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

This bill strengthens oversight of pharmacy benefits managers in Rhode Island by requiring them to register with the state and submit detailed annual reports about their financial relationships with insurers. It prohibits these managers from forcing pharmacies to substitute generic drugs without prescriber approval and bans them from stopping pharmacists from sharing pricing information with patients. The legislation also prevents pharmacy benefits managers from charging copayments that exceed what pharmacies are paid and mandates a clear appeals process for disputes over drug pricing. These changes directly affect pharmacy benefits managers, insurers, pharmacies, and patients who use prescription drug coverage in the state.