This bill relates to pharmacy benefits and regulations for Pharmacy Benefit Managers (PBMs) in Oregon. The act requires PBMs to be licensed and alters the definition of a PBM. It modifies the way PBMs can audit drug stores and mandates yearly reporting to the Department of Consumer and Business Services (DCBS). The act also changes the insurance coverage of 340B drugs, a federal program that allows eligible healthcare providers to purchase outpatient drugs at discounted prices. The bill safeguards certain information provided to or developed by the Oregon Prescription Drug Program (OPDP) from public disclosure. In addition, the bill stipulates new requirements on PBMs such as not requiring a prescription to be filled or refilled by a mail order pharmacy for reimbursing the cost of a drug and not charging a fee to a pharmacy for submitting claims or adjudicating claims. The bill declares an emergency, making it effective immediately upon passage.