An Act to ensure access to generic medication

This bill requires pharmacy benefits managers (PBMs) and insurers to maintain transparent "maximum allowable cost" lists for drugs, ensuring these lists only include therapeutically equivalent generic drugs with multiple available sources. It mandates that PBMs update reimbursement rates at least every 3 business days to cover actual pharmacy acquisition costs and provides pharmacies a 7-day appeal process if rates are unfairly low. Pharmacies can contest rates based on market prices or improper listing, with PBMs required to resolve appeals within 7 days and adjust rates for all similar pharmacies if an appeal succeeds. The Insurance Commissioner enforces these rules, including auditing PBMs and protecting confidential compliance data from public disclosure.