An Act relative to pharmacy benefit managers

This bill requires pharmacy benefit managers (PBMs) to pass at least 80% of estimated rebates from drug manufacturers to insured patients by reducing their out-of-pocket costs at the pharmacy counter. It directly affects patients (who see lower immediate costs) and PBMs (who must adjust pricing and report compliance). Key provisions include annual reporting to the state commissioner, strict confidentiality rules preventing PBMs from disclosing rebate details (treating them as trade secrets), and penalties for noncompliance (up to $5,000 daily). The law aims to make rebate savings more transparent and directly benefit patients through reduced prescription costs.