SC S0342

Establishes minimum reimbursement rates for pharmacies at 104% of National Average Drug Acquisition Cost (NADAC) plus a professional dispensing fee, with Wholesale Acquisition Cost as a fallback when NADAC is unavailable

Prohibits pharmacy benefits managers (PBMs) from reimbursing pharmacies less than they reimburse their own affiliated pharmacies for the same drugs or services

Creates a complaint process through the Department of Insurance for underpaid pharmacies, requiring PBMs to pay double the underpayment amount if complaints are upheld

Increases PBM licensing fees from $1,000 initial/$500 annual to $15,000 initial/$10,000 annual, and establishes minimum fines of $10,000 per violation (up to $1 million for willful violations)

Prohibits patient steering to PBM-affiliated pharmacies without written disclosure of the ownership relationship and requires that patients be informed of their right to use alternative pharmacies