H.B. 505 - Community Pharmacy Protection Act

• Prohibits health plan issuers and Medicaid managed care organizations from requiring pharmacies to meet accreditation or certification standards beyond those of the state board of pharmacy as a condition of network participation.

• Requires pharmacy benefit managers to submit monthly electronic reports in machine-readable format showing actual acquisition costs of all drugs claimed, with itemized breakdowns by drug type (brand-name, generic, specialty).

• Mandates pharmacy benefit managers pay contracted pharmacies at least the drug's actual acquisition cost plus a minimum dispensing fee calculated by the superintendent of insurance based on Medicaid survey data.

• Requires the state pharmacy benefit manager to provide quarterly reports to the Medicaid director on negotiated drug prices, rebates received, and percentage of savings passed to program participants.

• Establishes civil action rights for covered persons and pharmacies to sue health plan issuers, Medicaid managed care organizations, and their intermediaries for violations, seeking compensatory damages and injunctive relief.