New Mexico § 59A-61-2 Definitions

New Mexico Statutes

§ 59A-61-2 — Definitions

New Mexico § 59A-61-2

Ch. 59AInsurance Code

Art. 61Pharmacy Benefits Manager Regulation

This text of New Mexico § 59A-61-2 (Definitions) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 59A-61-2 (2026).

Text

As used in the Pharmacy Benefits Manager Regulation Act: A. "maximum allowable cost" means the maximum amount that a pharmacy benefits manager will reimburse a pharmacy for the cost of a generic drug; B. "maximum allowable cost list" means a searchable, electronic and internet-based listing of drugs used by a pharmacy benefits manager setting the maximum allowable cost on which reimbursement to a pharmacy or pharmacist is made; C. "obsolete" means a product that is listed in national drug pricing compendia but is no longer available to be dispensed based on the expiration date of the last lot manufactured; D. "pharmacist" means an individual licensed as a pharmacist by the board of pharmacy; E. "pharmacy" means a licensed place of business where drugs are compounded or dispensed and pharma

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As used in the Pharmacy Benefits Manager Regulation Act: A. "maximum allowable cost" means the maximum amount that a pharmacy benefits manager will reimburse a pharmacy for the cost of a generic drug; B. "maximum allowable cost list" means a searchable, electronic and internet-based listing of drugs used by a pharmacy benefits manager setting the maximum allowable cost on which reimbursement to a pharmacy or pharmacist is made; C. "obsolete" means a product that is listed in national drug pricing compendia but is no longer available to be dispensed based on the expiration date of the last lot manufactured; D. "pharmacist" means an individual licensed as a pharmacist by the board of pharmacy; E. "pharmacy" means a licensed place of business where drugs are compounded or dispensed and pharmacist services are provided; F. "pharmacy benefits management" means a service provided to or conducted by a health plan as defined in Section 59A-16-21.1 NMSA 1978 or health insurer that involves: (1) prescription drug claim administration; (2) pharmacy network management; (3) negotiation and administration of prescription drug discounts, rebates and other benefits; (4) design, administration or management of prescription drug benefits; (5) formulary management; (6) payment of claims to pharmacies for dispensing prescription drugs; (7) negotiation or administration of contracts relating to pharmacy operations or prescription benefits; or (8) any other service determined by the superintendent as specified by rule to be a pharmacy benefits management activity; G. "pharmacy benefits manager" means an entity that provides pharmacy benefits management services; H. "pharmacy benefits manager affiliate" means a pharmacy or pharmacist that directly or indirectly, through one or more intermediaries, owns or controls, is owned or controlled by or is under common ownership or control with a pharmacy benefits manager; I. "pharmacy services administrative organization" means an entity that contracts with a pharmacy or pharmacist to act as the pharmacy or pharmacist's agent with respect to matters involving a pharmacy benefits manager or third-party payor, including negotiating, executing or administering contracts with the pharmacy benefits manager or third-party payor; and J. "superintendent" means the superintendent of insurance.