SB2047 regulates pharmacy benefit managers by setting requirements for maximum allowable cost lists and appeal processes.

SB2047 amends Hawaii law to establish requirements for pharmacy benefit managers that reimburse pharmacies for drugs on a maximum allowable cost basis. It mandates that pharmacy benefit managers maintain a maximum allowable cost list and provide a clearly defined appeal process for contracting pharmacies. The bill also requires pharmacy benefit managers to disclose lower-priced equivalent drugs when a maximum allowable cost is upheld on appeal.

SB2047 regulates pharmacy benefit managers by setting requirements for maximum allowable cost lists and appeal processes.

SB2047 amends Hawaii law to establish requirements for pharmacy benefit managers that reimburse pharmacies for drugs on a maximum allowable cost basis. It mandates that pharmacy benefit managers maintain a maximum allowable cost list and provide a clearly defined appeal process for contracting pharmacies. The bill also requires pharmacy benefit managers to disclose lower-priced equivalent drugs when a maximum allowable cost is upheld on appeal.