Digest: The Act requires PBMs to be licensed and changes the definition of a PBM. The Act changes the way PBMs can audit drug stores. The Act requires PBMs to report certain information each year to DCBS. The Act makes changes to the way 340B drugs are covered by insurance. The Act protects certain information that is provided to or developed by the OPDP from being released to the public. (Flesch Readability Score: 65.3). Requires pharmacy benefit managers to be licensed by the Department of Consumer and Business Services beginning January 1, 2025. Modifies the definition of "pharmacy benefit manager" and imposes new requirements on pharmacy benefit managers. Restricts audits of pharmacy claims for reimbursement. Requires pharmacy benefit managers to report specified information to the department on an annual basis. Imposes new requirements with respect to the insurance coverage of 340B drugs. Protects from public disclosure certain information provided to or developed by the Oregon Prescription Drug Program. Declares an emergency, effective on passage.