The bill amends existing laws regarding Maximum Allowable Cost Lists by introducing a definition for "similarly situated pharmacy," which refers to pharmacies dispensing the same prescription drug within ten days of each other and receiving reimbursements within five percent of one another. Additionally, it clarifies the requirements for pharmacy benefits managers to provide their Maximum Allowable Cost Lists in a format that allows pharmacies to easily compare drugs to the national average drug acquisition cost list.

Furthermore, the bill establishes a private right of action for pharmacies and pharmacists to address violations related to Maximum Allowable Cost Lists, allowing them to enforce their rights under various acts, including the Deceptive Trade Practices Act and the Arkansas Pharmacy Benefits Manager Licensure Act. The bill ensures that this right of action cannot be extinguished or limited by contract.

Statutes affected:
SB 489: 17-92-507(a), 17-92-507(c), 17-92-507(g)