PHARMACY BENEFIT MANAGER TRANSPARENCY ACT: Would require that pharmacy benefit manager register with the Director of the Idaho Department of Insurance. Would require pharmacy benefits manager to disclose any conflicts of interest. Would allow pharmacy beneift manager to substitute a lower priced generic or therapeutically equivalent drug for a higher priced prescribed drug but only if substitution is made for medical reasons or for reasons that benefit the covered individual. Would require the pharmacy benefit manager to disclose payment, or benefit derived from payment, or other financial benefit for from the dispensing of prescription drugs. Would require pharmacy benefit manager to disclose all financial matters that apply between it and any prescription drug manufacturer or labeler. Would prohibit pharmacy benefit manager from restricting a covered individual’s choice of pharmacy. Would establish transparency of covered drug lists and methodology that determines how reimbursement to pharmacies is calculated.