SB688 Summary

• Amends Arkansas Code § 17-92-507 to add definitions for "pharmaceutical wholesaler" and "pharmacy benefits manager affiliate" and to establish requirements for pharmacy benefits managers' maximum allowable cost (MAC) lists.

• Requires drugs on MAC lists to be therapeutically equivalent and pharmaceutically equivalent per FDA Orange/Green Book ratings, available for purchase from national or regional wholesalers in Arkansas, and not obsolete.

• Mandates pharmacy benefits managers update MAC lists within 7 calendar days of a 10% or more increase in pharmacy acquisition cost from 60% or more of wholesalers, and provide pharmacies with prompt notification and a reasonable administrative appeal process.

• Establishes that pharmacies must receive appeals responses within 7 business days; if upheld, the manager must make the change effective for all similarly situated pharmacies; if denied, must provide National Drug Code numbers and wholesaler information where drugs are available below the MAC list price.

• Prohibits pharmacy benefits managers from reimbursing pharmacies less than their affiliated pharmacies for the same services on a per unit basis, and classifies violations as deceptive and unconscionable trade practices.