Health care; creating the Oklahoma Rebate Pass-Through and Pharmacy Benefits Manager Meaningful Transparency Act of 2025; clarifying authority to take certain actions. Effective date.

SB 1025 creates the Oklahoma Rebate Pass-Through and Pharmacy Benefits Manager Meaningful Transparency Act of 2025, requiring pharmacy benefits managers (PBMs) to disclose how much of drug rebates they retain rather than passing to health plans. It directly affects PBMs, health insurers, and health plans by mandating transparency around rebate calculations and requiring PBMs to pass through rebates to health plan clients. Key provisions include defining "aggregate retained rebate percentage," establishing cost-sharing rules, and creating penalties for noncompliance. The bill amends existing Oklahoma statutes to clarify PBM licensing, formulary requirements, and disclosure obligations, aiming to increase transparency in prescription drug pricing.