NJ A1502

Establishes fiduciary duty for pharmacy benefits managers (PBMs) to act in the best interests of carriers, the State Health Benefits Program, and School Employees' Health Benefits Program

Prohibits PBM compensation from being based on drug acquisition costs, rebate amounts, or patient cost-sharing; requires fees to reflect only the fair-market value of services actually performed

Mandates PBMs reimburse contracted pharmacies at the National Average Drug Acquisition Cost (NADAC) plus the state Medicaid dispensing fee, and prohibits differential payment pricing based on pharmacy ownership or affiliation

Bars PBMs from requiring patients to use pharmacies owned by the PBM or its affiliates, and prohibits plan designs that steer patients toward PBM-affiliated pharmacies

Requires PBMs to certify annual compliance to the Commissioner of Banking and Insurance, signed by the CEO or CFO, with the act taking effect seven months after enactment