OK HB3538

Prohibits pharmacy benefits managers (PBMs) from acquiring or holding direct or indirect interest in retail pharmacy licenses in Oklahoma, requiring the State Board of Pharmacy to revoke or not renew licenses of violating entities

Allows the Board to issue limited use licenses for rare, orphan, or limited distribution drugs that would otherwise be unavailable to patients due to the PBM ownership prohibition, with these provisions expiring September 1, 2028

Requires the Board to assess active retail pharmacy licenses as of July 1, 2026, and provide written notice to affected license holders at least 90 days before January 1, 2027

Mandates affected pharmacies provide 60-day written notice to patients and prescribers before January 1, 2028, informing them the pharmacy can no longer dispense retail drugs after December 31, 2027

Exempts pharmacy employers that sponsor health benefit plans for employees and operate pharmacies exclusively serving those employees and dependents using an affiliated PBM