HI SB2047

Requires pharmacy benefit managers (PBMs) to provide contracting pharmacies with maximum allowable cost (MAC) lists showing reimbursement rates, updated at least every seven days using current data sources

Establishes a 14-business-day appeal process for pharmacies to challenge MAC pricing, with PBMs required to respond within 14 business days and provide national drug codes for equivalent lower-priced drugs if appeals are denied

Restricts drugs on MAC lists to those rated "A" or "B" in the Orange Book, generally available from wholesalers in Hawaii, and not obsolete

Authorizes the Insurance Commissioner to assess fines up to $10,000 per violation and order corrective action or restitution against non-compliant PBMs

Appropriates unspecified general funds to the Department of Commerce and Consumer Affairs insurance division for implementation, with an effective date of January 30, 2050