Pharmacy, Pharmacists - As enacted, enacts the "Freedom, Access, and Integrity in Registered Pharmacy (FAIR Rx) Act." - Amends TCA Title 63.

SB 2040, the "FAIR Rx Act," prohibits pharmacy benefits managers (PBMs) from owning, controlling, or having any financial interest in pharmacies in Tennessee after January 1, 2027. It requires pharmacies to disclose all owners with 5% or more stake and prevents PBMs from using contracts (like management or revenue-sharing agreements) to exert operational control over pharmacies. The bill directly affects PBMs, pharmacies (especially rural and community ones), and aims to prevent conflicts of interest that could restrict patient choice, increase costs, or undermine pharmacist independence. By separating financial control from patient care decisions, it seeks to improve transparency and affordability in prescription drug access.