Section 510B.4 - Standards of conduct - good faith - conflict of interest1. A pharmacy benefits manager shall exercise good faith and fair dealing in the performance of the pharmacy benefits manager's contractual obligations toward a third-party payor or a pharmacy.2. A pharmacy benefits manager shall notify a health carrier in writing of any activity, policy, practice ownership interest, or affiliation of the pharmacy benefits manager that presents any conflict of interest.3. A pharmacy benefits manager shall act in the best interest of each third-party payor for whom the pharmacy benefits manager manages a prescription drug benefit provided by the third-party payor, and shall discharge its duties in accordance with applicable state and federal law.2007 Acts, ch 193, §4, 9; 2022 Acts, ch 1113, §3, 16, 23 2022 amendment applies to pharmacy benefits managers that manage a prescription drug benefit in the state on or after June 13, 2022; 2022 Acts, ch 1113, §16
Amended by 2024 Iowa, ch Chapter 1100,s 2, eff. 7/1/2024.Amended by 2022 Iowa, ch 1113, s 3, eff. 6/13/2022, app. to pharmacy benefits managers that manage a prescription drug benefit in the state on or after 6/13/2022.2022 amendment applies to pharmacy benefits managers that manage a prescription drug benefit in the state on or after June 13, 2022; 2022 Acts, ch 1113, §16