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, titled the Oklahoma Rebate Pass-Through and Pharmacy Benefits Manager Meaningful Transparency Act of 2025, requires pharmacy benefits managers (PBMs) to disclose their "aggregate retained rebate percentage" - the portion of drug rebates they retain instead of passing to health plans. It directly affects PBMs and covered entities like insurers, hospitals, and employers providing health coverage in Oklahoma. Key provisions mandate PBMs to calculate and report this percentage annually, define terms for transparency, establish cost-sharing rules, and create penalties for noncompliance. The bill aims to increase clarity around how drug rebates flow through the system, without altering health plan benefits or formulary requirements.