HB 1413 Summary

• Creates the Pharmacy Benefit Manager Transparency Act requiring PBMs to obtain licenses from the Mississippi Board of Pharmacy and maintain fiduciary duties to health carrier clients.

• Requires licensed PBMs to submit annual transparency reports to the Board of Pharmacy containing aggregate rebate amounts, retained rebates, administrative fees, and retained rebate percentages for all health carrier clients.

• Prohibits PBMs from restricting pharmacy disclosure of prescription medication costs to patients and prevents financial incentives to steer patients to PBM-affiliated pharmacies.

• Establishes prohibition on retaliation against pharmacists and pharmacies exercising rights under the act, with the Board of Pharmacy authorized to investigate and revoke PBM licenses for violations.

• Brings forward existing sections governing pharmacy benefit prompt pay requirements, pharmacy audit integrity standards, and consumer alternative payment options for prescription drugs.