This bill establishes an expedited procurement process for the State of New Jersey to secure professional services related to pharmacy benefits management for the State Health Benefits Program (SHBP) and the School Employees Health Benefits Program (SEHBP). It mandates the Division of Purchase and Property in the Department of the Treasury to procure three specific services: technical assistance for evaluating bidders, automated reverse auction services for pricing comparisons, and real-time claims adjudication technology for reviewing pharmacy claims. The bill allows for modifications to existing laws and regulations that may hinder this expedited process, including adjustments to advertising requirements and review timeframes.

Additionally, the bill requires the Division to submit a report within 60 days of awarding the pharmacy benefits manager contract. This report will summarize the outcomes of the reverse auction, any savings achieved, procedural deviations during procurement, and other relevant information to enhance accountability and oversight. The legislation is designed to streamline the procurement process and is set to take effect immediately, expiring after the next pharmacy benefits manager contract is awarded. This approach follows a previous law that successfully generated significant savings for the SHBP.