Pharmacy benefits managers; definitions; contractual duties to provider; prohibitions; reimbursement amounts; effective date.

The document header was changed from 'Proposed Policy Committee Substitute' to 'Committee Substitute,' indicating the bill has moved past the initial policy review stage and is now in the formal legislative process.

Page numbering and reference numbers (e.g., 'Req. No.') were updated to reflect the new version of the document.

The amendment submission form at the beginning was removed and replaced with the standard statutory preamble and section headers.

Removed the original text that defined PBM contractual duties, reimbursement adjustments, and appeal processes.

Added legislative findings stating that PBMs acting as both price setters and price takers creates conflicts of interest and drives local pharmacies out of business.

Added a new prohibition preventing the State Board of Pharmacy from issuing licenses to retail pharmacies that are owned by or under common control with a pharmacy benefits manager.

Replaced the original definition-heavy section with a new set of definitions related to pharmacy practice and the Oklahoma Pharmacy Act.

The bill title and subject matter changed from a general professions act to a specific act regulating pharmacy benefits managers.

New definitions were added for 'Acquisition cost', 'Covered entity', 'Covered individual', 'Department', 'Effective rate contracting', 'Maximum allowable cost', 'Multisource drug product reimbursement', 'Office', 'Pharmacy benefits management', 'Pharmacy benefits manager', 'Plan sponsor', and 'Provider'.

A new exception was added clarifying that self-funded employers are not considered PBMs unless they negotiate directly with manufacturers, process claims, or manage their own pharmacy networks.

New requirements mandate that Pharmacy Benefits Managers include specific sources used to determine maximum allowable cost pricing in their contracts with providers.