Pharmacy benefit manager business practices modified, pharmacy benefit manager general reimbursement practices established, and maximum allowable cost pricing requirements modified.

This bill regulates how pharmacy benefit managers operate in Minnesota by establishing clearer rules for reimbursement and pricing. It directly affects pharmacy benefit managers, pharmacies, and health insurance plans by requiring fair dealing and prohibiting deceptive practices. Key provisions ban charging pharmacies fees for processing claims, forbid paying pharmacies less than the rates given to the manager's own affiliates, and explicitly outlaw the use of spread pricing. Additionally, the law mandates that managers provide transparent pricing data to pharmacies and update these lists frequently when drug costs rise significantly.