For purposes of this subchapter:
(1) “Entity” means a pharmacy benefits manager or any person or organization that represents these companies, groups, or organizations.
(2) “Pharmacy benefits manager” or “PBM” means an entity that contracts with pharmacists or pharmacies on behalf of an insurer or third-party administrator to:
a. Process claims for prescription drugs or medical supplies or provide retail network management for pharmacies or pharmacists;
b. Pay pharmacies or pharmacists for prescription drugs or medical supplies; or
c. Negotiate rebates with manufacturers for drugs paid for or procured as described in this chapter.
(3) “Plan sponsor” has the meaning given in § 4405 of this title.
80 Del. Laws, c. 65, § 1; 80 Del. Laws, c. 245, § 1.
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