Provides that pharmacy benefits managers have fiduciary duty to financial interests of covered persons.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill requires pharmacy benefits managers (PBMs) in New Jersey to act in the best financial interests of the people covered by their plans, in addition to their existing duties to the health insurance carriers they work with. It establishes a fiduciary duty for PBMs to prioritize the financial well-being of covered individuals, particularly regarding practices like spread pricing. The bill also aims to prevent PBMs from requiring consumers to pay more than they would directly for prescription drugs through their health plan. Finally, it mandates a reasonably adequate retail pharmacy network for covered persons.
Bill text
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Document of record
- Version
- Introduced
- Published
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Sponsors
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2 on record
Primary sponsors
Douglas Steinhardt
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