This bill renames the “Pharmacy Benefit Prompt Pay Act” to the “Representative Andy Stepp Pharmacy Benefit Prompt Pay Act” and introduces comprehensive reforms to regulate pharmacy benefit managers (PBMs) in Mississippi. The bill defines key terms like National Average Drug Acquisition Cost (NADAC) and establishes new requirements for PBMs, including mandating that they reimburse pharmacies at least the NADAC plus a professional dispensing fee, provide a reasonable administrative appeal process for pharmacies challenging reimbursement rates, and prohibit certain anti-competitive practices. PBMs are now barred from steering patients to specific pharmacies, charging patients more than the total amount retained by the pharmacy, and retaliating against pharmacies or pharmacists who challenge their practices. The bill also requires PBMs and pharmacy services administrative organizations to be licensed by the Mississippi Board of Pharmacy, allows the board to conduct investigations and audits, and imposes potential monetary penalties for non-compliance. Additionally, the legislation mandates that PBMs pass 100% of manufacturer rebates to plan sponsors and provide annual reporting of these rebates. The bill aims to increase transparency, fairness, and competition in pharmacy benefit management services, ultimately protecting the interests of pharmacies, patients, and healthcare providers.