New Jersey A1502, the "Patient and Provider Protection Act," regulates pharmacy benefits managers, ensuring fair reimbursement rates and prohibiting.

The "Patient and Provider Protection Act" amends existing laws to impose several requirements on pharmacy benefits managers. It mandates that pharmacy benefits managers disclose fees paid to third-party brokers upon request. The act also stipulates that contracts between pharmacy benefits managers and pharmacies are presumed to be "contracts of adhesion" in case of disputes, meaning they are standardized and one party has significantly superior bargaining power. Additionally, pharmacy benefits managers must have a fiduciary duty to act in the best interests of the carrier they contract with.

New Jersey A1502, the "Patient and Provider Protection Act," regulates pharmacy benefits managers, ensuring fair reimbursement rates and prohibiting.

The "Patient and Provider Protection Act" amends existing laws to impose several requirements on pharmacy benefits managers. It mandates that pharmacy benefits managers disclose fees paid to third-party brokers upon request. The act also stipulates that contracts between pharmacy benefits managers and pharmacies are presumed to be "contracts of adhesion" in case of disputes, meaning they are standardized and one party has significantly superior bargaining power. Additionally, pharmacy benefits managers must have a fiduciary duty to act in the best interests of the carrier they contract with.