The measure reduces the response time afforded to pharmacy benefit managers (PBM) to respond to an inquiry from the Insurance Commissioner from 30 days to 20 days.
The measure prohibits any pharmacy benefits manager from engaging in the practice of spread pricing, which is a prescription drug pricing model utilized by a pharmacy benefits manager in which the PBM charges a health benefit plan a contracted price for prescription drugs that differs from the amount the PBM directly or indirectly pays the pharmacy or pharmacist for providing pharmacy services. The measure also removes certain authority and powers from the Patient’s Right to Pharmacy Choice Advisory Committee such as subpoena power and the power to hold hearings. The measure specifies for the Advisory Committee to review complaints and make a recommendation to the Commissioner as to administrative action to be taken against pharmacy benefits managers pursuant to this act. The measure specifies the length of terms for committee members.
The measure authorizes the Insurance Commissioner to censure, suspend, revoke or refuse to renew a license of or levy a civil penalty against any person licensed under the insurance laws of Oklahoma for any violation of the Patient’s Right to Pharmacy Choice Act. The measure also authorizes the Insurance Commissioner to access a civil fine in addition to any other fines levied against a pharmacy benefits manager ranging from $100.00 to $10,000 and may be enforced in the same manner as civil judgements are enforced.