S.464

Establishes audit and payment requirements for pharmacy benefit managers in New Jersey.

This bill establishes audit and payment requirements for pharmacy benefit managers (PBMs) in New Jersey. PBMs must ensure that within 14 calendar days of receiving a pharmacy claim, either the claim is paid or reimbursed, or notice is sent to the pharmacy that the claim is contested or denied. The bill also mandates annual audits of PBMs by the Department of Banking and Insurance. Additionally, PBMs must provide contracted pharmacies with access to pricing information and update this information every seven days.