§ 24-50-1201. Short Title

The short title of this part 12 is the “Colorado Competitive Pharmacy Benefit Managers Marketplace Act”. Source: L. 2021: Entire part added, (HB 21-1237), ch. 217, p. 1144, § 1, effective June 7.

§ 24-50-1202. Legislative Declaration – Intent

The general assembly hereby finds and declares that it is the intent of this act to optimize prescription drug savings by the state by requiring the following: The adoption of a dynamically competitive reverse auction process for state health plan selection of pharmacy benefit managers; The electronic review and validation of pharmacy benefit manager claims […]

§ 24-50-1203. Definitions

As used in this part 12, unless the context otherwise requires: “AWP” means average wholesale price. “Department” means the department of personnel. “GNC” means guaranteed net cost. “Market check” means a technology-driven evaluation of an incumbent PBM’s prescription drug pricing based on benchmark comparators derived from PBM reverse auction processes conducted in the United States […]

§ 24-50-1204. Competitive Pharmacy Benefit Manager – Contract – Requirements

Consistent with the “Procurement Code”, articles 101 to 112 of this title 24, and notwithstanding any other provision of law, the department shall enter into a contract for the services of a pharmacy benefit manager for the administration of benefits under the “State Employees Group Benefits Act”, part 6 of this article 50, in a […]