This bill aims to regulate pharmacy benefit managers (PBMs) in order to address the high cost of prescription drugs. It proposes the addition of a new chapter to Title 27 of the General Laws, titled "Control of High Prescription Costs - Regulation of Pharmacy Benefit Managers." The bill includes requirements for PBMs to cease activities that result in "spread pricing" profits, implement administrative-fee only compensation, and implement pharmacy pass-through pricing. It also prohibits PBMs from charging payers any management or administrative fees associated with obtaining manufacturer-derived revenue. The bill mandates compliance with rules and regulations set forth by various state offices and authorizes audits and investigations to enforce the provisions of the bill.

In addition, the bill emphasizes the need for transparency and oversight of PBMs to ensure that they are providing accurate information on costs and benefits. It requires PBMs to provide information to state authorities and the public on a regular basis. The bill also mandates that PBMs be carved out from Medicaid Managed Care Organization contracts after a certain date. Overall, the bill aims to regulate the policies and practices of PBMs to control high prescription costs and protect consumers.