MN SF5112

Removes the three-month advance notice requirement for completing reverse auction processes in pharmacy benefit manager procurements.

Requires the technology platform vendor to meet SOC 2 and National Institute of Standards and Technology security certifications and perform claim-by-claim reviews within six hours of receipt.

Prohibits pharmacy benefit managers, their subsidiaries, affiliates, or vendors managed by or receiving payment from pharmacy benefit managers from being awarded the platform technology vendor contract.

Changes the reporting deadline for the commissioner of management and budget's savings comparison from March 1, 2025 to September 1, 2025, and the legislative auditor's validation report from April 1, 2025 to October 1, 2025.

Establishes data protection requirements including prevention of unauthorized access, prohibition on sale of collected data, and restriction on data dissemination except as authorized by law or agreement; classifies individual-identifying data as private data under state law.