2017 New Jersey Revised Statutes
TITLE 17B - INSURANCE
Section 17B:27F-2 - Duties of pharmacy benefits manager relative to contracts.
17B:27F-2 Duties of pharmacy benefits manager relative to contracts.
2. Upon execution or renewal of each contract, a pharmacy benefits manager shall, with respect to contracts between a pharmacy benefits manager and a contracted pharmacy:
a. (1) include in the contract the sources utilized to determine multiple source generic drug pricing, including, if applicable, the maximum allowable cost or any successive pricing formula, of the pharmacy benefits manager;
(2) update that pricing information every seven calendar days; and
(3) establish a reasonable process by which contracted pharmacies have a method to access relevant maximum allowable cost pricing lists and any successive pricing formulas in a timely manner; and
b. Maintain a procedure to eliminate drugs from the list of drugs subject to multiple source generic drug pricing or modify maximum allowable cost rates in a timely fashion.
L.2015, c.179, s.2.