Minnesota Pharmacy Benefit Manager Licensure and Regulation Act; appropriations. requires a pharmacy benefit manager (PBM) to obtain a license from the commissioner of commerce in order to do business in the state, and establishes that a PBM has a fiduciary duty to a health carrier. S.F. 278 also requires PBMs to disclose rebate and pricing information to plan sponsors and the Commissioner of Commerce. S.F. 278 also requires PBMs to provide pharmacies with a maximum allowable cost list, which must be updated every seven business days. S.F. 278 also prohibits a PBM from prohibiting a pharmacist from disclosing information about the cost of the drug or the availability of alternative therapies. S.F. 278 also imposes cost-sharing limits for consumers at the point of sale and allows a pharmacist to substitute a therapeutically equivalent and interchangeable drug in place of a prescribed drug.