This bill introduces the Oklahoma Rebate Pass-Through and Pharmacy Benefits Manager Meaningful Transparency Act of 2025, which aims to regulate pharmacy benefits managers (PBMs) and health insurers in Oklahoma by expanding transparency and consumer protections in prescription drug pricing. The bill significantly modifies existing laws by defining new terms, establishing stricter requirements for PBMs and health insurers, and creating new disclosure and pricing standards. Key provisions include mandating that at least 85% of drug rebates be passed through to consumers at the point of sale, which could lower out-of-pocket prescription costs, and imposing new requirements on pharmacy and therapeutics (P&T) committees to ensure more transparent and clinically-driven formulary development. The bill also strengthens licensing requirements for PBMs, requiring more detailed applications and giving the Insurance Department and Attorney General expanded oversight and enforcement powers. Additionally, the legislation protects certain proprietary information as confidential and imposes administrative penalties for violations, with fines ranging from $100 to $10,000 per occurrence. These changes aim to increase transparency, reduce prescription drug costs, and provide more accountability in the pharmacy benefits management industry.