MS HB270

Requires pharmacy benefit managers to inform plan sponsors, insurance companies, unions, and health maintenance organizations at least quarterly of the amount and source of rebates received from prescription drug or device manufacturers.

Mandates pharmacy benefit managers update nationally recognized reference prices used for reimbursement calculations no less than every three business days.

Requires pharmacy benefit managers to pay clean claims within 15 days for electronic submissions and 35 days for paper submissions, with interest accruing at 1.5% monthly on unpaid claims after the deadline.

Establishes that pharmacy benefit managers failing to pay at least 95% of clean claims in a calendar quarter are subject to administrative penalties up to $25,000 assessed by the State Board of Pharmacy.

Takes effect July 1, 2010.