PROHIBIT CERTAIN PHARMACY BENEFITS MGR. ACTS

SB 503 prohibits pharmacy benefits managers (PBMs) in New Mexico from engaging in specific practices that affect pharmacies and patients. It bans patient steering (forcing patients to use certain pharmacies through mail-order requirements or restricted networks) and spread pricing (reimbursing pharmacies less than the price billed to insurers). The bill requires PBMs to provide contracts in plain English, disclose reimbursement standards clearly, and not restrict pharmacists from discussing drug costs or alternatives with patients. These changes directly impact PBMs, pharmacies, and pharmacists by promoting transparency and limiting restrictive practices in drug benefit management.