This bill requires pharmacy benefit managers (PBMs) to disclose detailed financial information and contract details, enhancing transparency in prescription drug pricing. Specifically, PBMs must disclose 100% of all rebates and payments received from pharmaceutical manufacturers to plan sponsors or employers, including an annual report detailing the aggregate amount of rebates and their recipients. The bill also mandates that PBMs make third-party aggregator contracts and pharmacy benefit management service contracts publicly available upon request, without redaction, but only for contracts involving the State of Mississippi or its political subdivisions. Additionally, the bill removes the exemption for the Mississippi State and School Employees Health Insurance Plan from the definition of “pharmacy benefit manager,” bringing it under the same regulatory oversight as other PBMs. The legislation aims to increase accountability in the pharmaceutical supply chain by requiring PBMs to provide more comprehensive financial disclosures and making their contracts more transparent, which could potentially help reduce healthcare costs and improve understanding of how prescription drug pricing is determined.