NJ A4005

Requires the Division of Purchase and Property to procure three services through an expedited process: technical assistance for evaluating pharmacy benefits manager (PBM) bidders with automated reverse auction services, real-time electronic claims adjudication technology for auditing PBM invoices, and a PBM for the State Health Benefits Program and School Employees' Health Benefits Program.

Authorizes the division to waive or modify existing laws and regulations that may interfere with expedited procurement, including shortened challenge timeframes, reduced State Comptroller review to 10 business days, and modified advertising requirements.

Mandates a report to the Governor and Legislature within 60 days of contract award summarizing reverse auction results, realized savings, procedural deviations, and accountability measures.

Defines "reverse auction" as an automated online bidding process starting with an opening price that allows qualified bidders to counter offer lower prices through multiple rounds.

Takes effect immediately and expires after the next PBM contract is awarded; a similar 2016 law resulted in an estimated $40 million in savings for the State Health Benefits Program in Fiscal Year 2017.