MI SB1001

Requires pharmacy benefit managers (PBMs) to include in pharmacy contracts a current list of sources used to determine maximum allowable cost (MAC) prices, updated at least every 7 days in an accessible format.

Mandates PBMs maintain procedures to remove drugs from MAC price lists in a timely manner to remain consistent with marketplace pricing changes.

Requires PBMs to establish a dispute resolution process for MAC price appeals with a 21-day limit to file an appeal and 21 days to investigate and resolve the appeal.

Requires PBMs to provide a direct telephone number for pharmacies to contact an individual responsible for processing appeals and to give reasons for any appeal denials along with alternative drug codes at or below the benchmark price.

Requires PBMs to make adjustments by no later than 1 day after determination, while allowing retroactive adjustments for the appealing pharmacy or similarly situated pharmacies.