MI HB5941

Expands the definition of "third party administrator" (TPA) to include pharmacy benefit managers and carriers under the Third Party Administrator Act.

Prohibits pharmacy benefit managers from reimbursing 340B entities (covered entities and contracted pharmacies) at rates lower than pharmacies with similar prescription volume that are not 340B entities.

Prohibits carriers from requiring patients to pay copays higher than the actual cost of dispensed drugs.

Prohibits carriers from excluding or discriminating against pharmacies solely because the carrier does not have a financial interest in the pharmacy.

Requires contracts between pharmacy benefit managers and pharmacies to allow pharmacies to disclose current selling prices of drugs as defined in the public health code, effective upon the bill's enactment.