Updates the regulation of pharmacy benefit managers in West Virginia.

This bill amends the Code of West Virginia to redefine and update the duties and definition of pharmacy benefits management. It specifies the activities that constitute pharmacy benefits management, including procurement, claims processing, and managing networks of specialty pharmacies. The bill also defines key terms such as "pharmacy benefits manager," "pharmacy audit," and "rebate." It aims to clarify the roles and responsibilities of entities involved in managing prescription drug benefits for health benefit plans.

Updates the regulation of pharmacy benefit managers in West Virginia.

This bill amends the Code of West Virginia to redefine and update the duties and definition of pharmacy benefits management. It specifies the activities that constitute pharmacy benefits management, including procurement, claims processing, and managing networks of specialty pharmacies. The bill also defines key terms such as "pharmacy benefits manager," "pharmacy audit," and "rebate." It aims to clarify the roles and responsibilities of entities involved in managing prescription drug benefits for health benefit plans.