PRESCRIPTION DRUG PRICING TRANSPARENCY: Requires pharmacists to inform customers of certain generically equivalent drug products & whether cost-sharing obligations to such customers exceed retail price of prescription; provides that a contract between a health insurer and a pharmacy benefit manager must prohibit the pharmacy benefit manager from requiring an insured to make a payment for a prescription drug at the point of sale in an amount that exceeds the lesser of: (a) The applicable cost-sharing amount; or (b) The retail price of the drug in the absence of prescription drug coverage.

Requires PBM registration with OIR; provides registration requirements; requires registrant to report certain changes by specified date; requires office to issue registration certificate upon receipt of completed registration form; provides for expiration; requires rulemaking; requires certain terms in health insurer or health maintenance organization contracts with pharmacy benefit managers.