HB 6435 Summary

• Requires pharmacy benefit managers to register with the Department of Insurance and Financial Services, with civil fines up to $7,500 for violations.

• Mandates annual reporting by May 1st on pharmaceutical rebates received from manufacturers, excluding rebates from Medicaid, Medicare, 340B drug pricing, and federal prescription drug programs.

• Requires the department to publish aggregated rebate data on a public website while protecting confidential information about specific insurers, health plans, drugs, and rebate amounts.

• Prohibits contracts between pharmacy benefit managers and pharmacies from preventing disclosure to customers about cost-sharing amounts, therapeutically equivalent lower-cost drugs, or clinical efficacy information.

• Adds pharmacy benefit managers to the definition of third party administrators under Michigan's Third Party Administrator Act.