The proposed bill introduces the "Oklahoma Rebate Pass-Through and Pharmacy Benefits Manager Meaningful Transparency Act of 2025," which aims to enhance transparency and accountability in the management of pharmacy benefits by pharmacy benefits managers (PBMs) in Oklahoma. It establishes new definitions and requirements for PBMs, including the obligation to maintain detailed documentation of network development activities and to report specific rebate-related information to the Attorney General on a quarterly basis. The bill also outlines penalties for non-compliance and emphasizes the confidentiality of rebate information, protecting it as a trade secret. Additionally, it mandates that the pharmacy and therapeutics (P&T) committee, responsible for establishing drug formularies, consists of a majority of practicing physicians and pharmacists.

Furthermore, the bill introduces new licensure requirements for PBMs, requiring them to obtain a license from the Insurance Department before providing services. The application process will necessitate detailed disclosures about management personnel and beneficial owners, as well as evidence of a surety bond. The Department is empowered to enforce compliance, including the suspension or revocation of licenses for noncompliance or deceptive practices. Overall, the legislation seeks to improve the regulatory framework governing PBMs, ensuring fair practices and greater transparency in the pharmaceutical pricing process, with the bill set to take effect on November 1, 2025.

Statutes affected:
Introduced: 36-6960, 36-6962, 59-357, 59-358