An Act to enact pharmacy benefit manager duties

This bill establishes a legal duty of care for pharmacy benefit managers in Massachusetts, requiring them to act with fairness, transparency, and professionalism to serve the best interests of patients, insurance plans, and healthcare providers. The legislation defines key terms such as "spread pricing" and outlines specific services that fall under pharmacy benefit management, including drug price negotiation and claims processing. Under the new rules, these managers must perform their duties diligently and fairly, ensuring that any fees charged do not exceed the actual value of the services provided. The law also grants the state insurance commissioner the authority to adopt additional regulations to implement these standards.