Prohibits pharmacy benefit manager from using spread pricing as model of prescription drug pricing; requires transparency in provision of pharmacy benefits management services.

This New Jersey bill prohibits pharmacy benefit managers from using spread pricing, a practice where patients pay more at the pharmacy counter than the actual cost of the drug. Instead, the law requires these managers to pass 100% of rebates and fees directly to insurance carriers or purchasers while allowing them to charge standard administrative fees for their services. The legislation also mandates greater transparency by requiring pharmacy benefit managers to submit detailed financial statements and audits to state officials. Additionally, it ensures that patients never pay more out-of-pocket for a prescription than they would if they bought the medication without insurance.