The Oklahoma Rebate Pass-Through and Pharmacy Benefits Manager Meaningful Transparency Act of 2025 aims to enhance transparency and accountability within the pharmacy benefits management (PBM) sector. The bill mandates that enrollees' costs for prescription drugs be reduced by at least 85% of all rebates received by PBMs and introduces penalties for non-compliance, allowing the Insurance Commissioner to impose fines ranging from $100 to $10,000. It also classifies specific rebate information as a trade secret, thus prohibiting PBMs from disclosing it as a public record. The legislation further defines key terms related to PBM operations and outlines the responsibilities of PBMs and insurers in managing prescription drug benefits while ensuring certain information remains confidential.

Additionally, the bill establishes new requirements for PBMs, including prohibiting them from reimbursing independent pharmacies at lower rates than PBM-owned pharmacies and from engaging in spread pricing. It mandates the establishment of an electronic claim inquiry processing system, full disclosure of rebate information to clients, and unrestricted audit rights for the Attorney General and other stakeholders. The bill also clarifies the licensure requirements for PBMs, requiring them to obtain a license from the Insurance Department and providing the Department with enforcement authority. The act is set to take effect on November 1, 2025, and aims to improve the integrity of pharmacy benefits management while protecting the rights of pharmacies and patients.

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