Signed by Governor Tina Kotek

Vote Smart's Synopsis:

Vote to pass a bill that requires pharmacy benefits managers to be licensed in the state of Oregon.

Highlights:

• Requires pharmacy benefit managers (PBMs) to be licensed and changes the definition of a PBM (Sec. 1-17).

• Requires PBMs to report certain information each year to DCBS (Sec. 1-17).

• Amends and makes changes to the way 340B drugs are covered by insurance and specifies this bill protects certain information that is provided to or developed by the OPDP from being released to the public (Sec. 1-17).

• Requires pharmacy benefit managers to be licensed by the Department of Consumer and Business Services beginning January 1, 2025 (Sec. 1-17).

• Amends and modifies the definition of "pharmacy benefit manager" and imposes new requirements on pharmacy benefit managers (Sec. 1-17).

• Repeals and restricts audits of pharmacy claims for reimbursement (Sec. 1-17).

• Requires pharmacy benefit managers to report specified information to the department on an annual basis (Sec. 1-17).

• Establishes new requirements with respect to the insurance coverage of 340B drugs and protects from public disclosure of certain information provided to or developed by the Oregon Prescription Drug Program (Sec. 1-17).

• Specifies that the provisions of this bill shall take effect immediately upon passage and approval by the governor (Sec. 18).

Full Bill Text