This bill is designed to regulate the operations of Pharmacy Benefits Managers (PBMs) in the state of Iowa. It introduces a system of reverse auctions to determine which PBM will provide services for public sector health plans. The auctions are automated, competitive bidding processes conducted online. The bill also offers a technology platform to conduct these auctions and calls for real-time analysis and comparisons of price bids from different PBMs. A detailed report after each round of bidding is to be produced as well. The system is also designed to review 100% of invoiced PBM’s prescription drug claims in real-time and check for deviations from agreed contract terms. The bill clarifies that the cost of the platform and its operation should not burden the state; instead, the winning PBM is responsible for the expense. Other provisions in the legislation include the possibility for self-funded private sector health plans to utilize the technology platform for their reverse auction and the requirement for PBMs to provide access to pharmacy claim data for administration and management purposes.