IL SB2420

Requires all Medicaid managed care organizations to reimburse pharmacy providers at no less than the fee-for-service program rates for dispensing fees and acquisition costs, whether they reimburse directly or through a pharmacy benefit manager.

Applies reimbursement requirements to all pharmacy services for Medicaid recipients, including services under Section 5-36 covering covered entities and specialty pharmacies.

Mandates pharmacy benefit managers disclose conflicts of interest, contracts with pharmaceutical manufacturers, claims payments to affiliated pharmacies, fees imposed on providers, and revenue percentages to the Department upon request.

Requires pharmacy benefit managers to provide 30 days' written notice to pharmacy providers before implementing material changes to contract provisions affecting reimbursement, benefit verification, dispute resolution, or formulary procedures.

Takes effect immediately upon becoming law.