MA S687

Requires pharmacy benefit managers (PBMs) to provide reasonably adequate and accessible pharmacy networks with convenient patient access within a reasonable distance from patients' residences

Prohibits PBMs from denying any pharmacy preferred network participation status if that pharmacy agrees to accept the same terms and conditions offered to other preferred pharmacies

Defines "steering" as channeling prescriptions to pharmacies in which the PBM or carrier has an ownership interest or common ownership, including retail, mail-order, or specialty pharmacies

Imposes a 10% surcharge on PBMs that engage in steering, calculated on the aggregate dollar amount reimbursed to pharmacies for prescription drugs in the previous calendar year

Health plans whose contracted PBMs engage in steering are also subject to a 10% surcharge on aggregate pharmacy reimbursements made on their behalf