A5737

Requires audits of payments from pharmaceutical manufacturers to pharmacy benefits managers.

Requires the Department of Banking and Insurance to conduct audits of all compensation paid to pharmacy benefits managers and affiliates by pharmaceutical manufacturers. The cost of the audit is to be paid by the pharmacy benefits manager being audited. Upon notification of an audit, a pharmacy benefits manager must provide all requested documentation within 30 days. Failure to submit the required documentation in a timely manner subjects the manager to a civil administrative penalty of $1,000 to $10,000 per day.