This bill makes several significant changes to regulations governing pharmacy benefit managers (PBMs) in Oklahoma, focusing on audit procedures, record-keeping, and reimbursement practices. The legislation permits pharmacies to use drug purchase records without date or source limitations when validating prescription dispensing, updates definitions related to pharmacy benefits management, and establishes new reimbursement requirements. Notably, the bill prohibits PBMs from leasing or sharing provider networks with other PBMs and mandates that reimbursement rates for pharmacies be at least 106% of the National Average Drug Acquisition Cost plus a $15 professional fee. The bill also introduces a prohibition on “effective rate contracting,” which prevents PBMs from establishing payment for services based on variable reimbursement rates, and ensures that pharmacies can appeal reimbursement amounts if they believe they are being compensated below their cost of providing services. These changes aim to increase transparency, fairness, and financial stability for pharmacies in their interactions with pharmacy benefit managers, with the new regulations set to take effect on November 1, 2025.