Relating to: regulation of pharmacy benefit managers, fiduciary and disclosure requirements on pharmacy benefit managers, and application of prescription drug payments to health insurance cost-sharing requirements. (FE)

SB 203 regulates pharmacy benefit managers (PBMs) by requiring them to pay pharmacies within 30 days for electronic claims and 60 days for paper claims. It mandates that claims for 340B drugs (federally discounted medications) include specific identifiers for processing. The bill also prohibits PBMs from forcing pharmacies to join multiple networks or penalizing them for declining to join such networks. These provisions directly affect PBMs, pharmacies, and prescribers within the state’s health insurance system.