This bill aims to regulate how pharmacy benefits managers (PBMs) operate in regards to specialty drugs. PBMs are companies that manage prescription drug benefits on behalf of health insurers. The bill prohibits PBMs from requiring beneficiaries to use a specific pharmacy or entity for a specialty drug if the drug is dispensed by a physician for a chronic, complex, rare, or life-threatening condition and meets certain criteria. It also prevents PBMs from reimbursing a pharmacy or pharmacist in an amount less than what the PBM itself or an affiliate gets for the same product or service. The bill also stipulates that insurers, nonprofit health service plans, and health maintenance organizations cannot exclude coverage for specialty drugs administered or dispensed by a provider that meets certain criteria.