A pharmacy benefits manager, either directly or through a PBM affiliate, when performing pharmacy benefits management services or other prescription drug or device services for a health benefit plan client, shall pass on 100 percent of all rebates received, directly or indirectly, from a pharmaceutical manufacturer unless the health benefit plan client directs the pharmacy benefits manager or PBM affiliate to apply the rebates to purchases of prescription drugs by covered individuals at the point of sale or the health benefit plan client directs the pharmacy benefits manager, PBM affiliate, or health insurer to retain a portion of the rebates as an administrative fee.
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