An Act to enact pharmacy benefit manager duties

This bill establishes new duties for pharmacy benefit managers (PBMs), the companies that manage prescription drug benefits for health insurance plans. It requires PBMs to act with care, transparency, and fairness toward patients (enrollees), health plans, and pharmacies, prioritizing patient interests when conflicts arise. Key provisions include mandating clear disclosure of fees and conflicts of interest, prohibiting excessive "spread pricing" (where PBMs retain fees beyond actual drug costs), and requiring transparent processes for formulary decisions and appeals. Violations may result in monetary penalties or license suspension by the state commissioner. The bill directly affects PBMs, health insurers, pharmacies, and patients covered by health benefit plans.