This bill establishes new regulations for pharmacy benefits managers (PBMs) in Oklahoma, specifically addressing their ownership interests in pharmacy licenses. It defines key terms, including "license" and "pharmacy benefits manager," and prohibits PBMs from acquiring direct or indirect interests in licenses for the retail sale of drugs. The State Board of Pharmacy is tasked with enforcing these regulations, including revoking or not renewing licenses for entities that violate this provision. A limited exception is provided for certain rare, orphan, or limited distribution drugs, allowing the Board to issue temporary licenses under specific conditions until September 1, 2028.

Additionally, the bill mandates that the State Board of Pharmacy conduct an assessment of active pharmacy licenses and notify those that may be in violation of the new regulations. Pharmacies identified as potentially violating the law must inform their patients and prescribing healthcare providers about their inability to dispense retail drugs after January 1, 2027. The bill outlines the requirements for written notices to be sent to both pharmacy license holders and patients, ensuring transparency and compliance with the new regulations. The act is set to take effect on November 1, 2026.