CA AB2348

Requires pharmacy benefit managers to annually report to the Department of Managed Health Care beginning October 1, 2021, including data on the 100 most costly, most frequently prescribed, and highest revenue-producing drugs dispensed.

Mandates pharmacy benefit managers report pricing and rebate information for reported drugs, including manufacturer rebates received, rebates passed to health plans, amounts paid by health plans, and amounts paid to pharmacies.

Requires reporting of pharmacy benefit manager revenue sources (manufacturers, health plans, pharmacies, other), expenses (pharmacy payments, claims processing, administration, other), and details on health plan contracts and enrollees served.

Directs the Department of Managed Health Care to compile reported data into an aggregated public report by January 1 of each year beginning January 1, 2022, while keeping individual pharmacy benefit manager information confidential.

Makes confidential all submitted information except the compiled public report, which shall be exempt from the California Public Records Act.