This bill proposes to require pharmacy benefit managers to obtain licensure from, rather than register with, the Department of Financial Regulation. It would establish a detailed regulatory framework for regulating pharmacy benefit managers and would prohibit or restrict a number of pharmacy benefit management activities. The bill would recodify most of the existing statutory provisions relating to pharmacy benefit managers in a single chapter, with some revisions. It would limit direct solicitation to consumers by pharmacies and pharmacy benefit managers. The bill would also require the Agency of Human Services to select a wholesale drug distributor through a competitive bidding process to be the sole source to distribute prescription drugs to pharmacies for dispensing to Medicaid beneficiaries.