LA SB381

Prohibits pharmacy benefit managers (PBMs) from obtaining rebates or incentives on brand name drugs in exchange for excluding generic drugs, biosimilars, or other drugs in the same class from formularies

Requires PBMs to provide a 60-day continuity-of-care period at the same cost when removing a covered prescription drug from the formulary at the start of a plan year

Prohibits PBMs from requiring insureds to receive drugs manufactured by affiliated manufacturers when generically equivalent drugs or interchangeable biosimilars are available

Bars PBMs from removing drugs from formularies or reclassifying drugs to higher cost-sharing tiers mid-policy year, with exceptions for FDA safety concerns, manufacturer discontinuance, or over-the-counter availability

Allows pharmacies to submit consolidated appeals representing multiple substantially similar claims when challenging maximum allowable cost reimbursements