The bill amends Section 27-29.1-7 of the General Laws in Chapter 27-29.1, titled "Pharmacy Freedom of Choice Fair Competition and Practices," to include new regulations for pharmacy benefits managers (PBMs). It defines PBMs as third-party administrators and prohibits them from participating in "spread pricing," which is defined as charging or claiming any amount in excess of what is paid to the pharmacy for a prescription drug, less an administrative fee. The bill mandates that the total amount required to be paid by a health benefit plan and a covered person for a prescription drug covered under the plan does not exceed the amount paid to the pharmacy for dispensing the drug. The act will take effect upon passage.

Statutes affected:
165: 27-29.1-7
165  SUB A: 27-29.1-7