The bill introduces the "Oklahoma Rebate Pass-Through and Pharmacy Benefits Manager Meaningful Transparency Act of 2025," which aims to enhance transparency and accountability in pharmacy benefits management (PBM) within Oklahoma. It establishes new definitions and requirements for PBMs, including the documentation of network development activities for at least three years and quarterly reporting of rebate-related information to the Attorney General. The bill prohibits practices such as spread pricing and unfair reimbursement, while also mandating that PBMs allow pharmacies to inform patients about cost differences between prescribed drugs and cheaper alternatives. The Attorney General is given oversight authority to ensure compliance with these new regulations.

Additionally, the bill revises the licensure procedures for PBMs, requiring them to obtain a license from the Insurance Department and detailing the necessary application information. It emphasizes the composition of the pharmacy and therapeutics (P&T) committee, ensuring it consists of practicing healthcare professionals who base formulary decisions on scientific evidence. The legislation also protects rebate information as a trade secret and establishes penalties for noncompliance, including the potential suspension or revocation of licenses. The act is set to take effect on November 1, 2025.

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