Terms Used In Maine Revised Statutes Title 24-A Sec. 4350-B

• Compensation: means any direct or indirect financial benefit, including, but not limited to, rebates, discounts, credits, fees, grants, charge?backs or other payments or benefits of any kind. See Maine Revised Statutes Title 24-A Sec. 4347
• Contract: A legal written agreement that becomes binding when signed.
• Formulary: means a list of prescription drugs covered by a health plan and any tier levels applicable to a prescription drug. See Maine Revised Statutes Title 24-A Sec. 4347
• Pharmacy: means an established location, either physical or electronic, that is licensed by the State and that has entered into a network pharmacy contract with a pharmacy benefits manager or carrier. See Maine Revised Statutes Title 24-A Sec. 4347
• Pharmacy and therapeutics committee: means a committee, board or equivalent body established by a carrier to develop and maintain formularies. See Maine Revised Statutes Title 24-A Sec. 4347
• Pharmacy benefits manager: means a person, business or other entity that, pursuant to a contract or under an employment relationship with a carrier, a self?insurance plan or other 3rd?party payer, either directly or through an intermediary, manages the prescription drug coverage provided by the carrier, self?insurance plan or other 3rd?party payer, including, but not limited to, processing and paying claims for prescription drugs, performing drug utilization review, processing drug prior authorization requests, adjudicating appeals or grievances related to prescription drug coverage, contracting with network pharmacies and controlling the cost of covered prescription drugs. See Maine Revised Statutes Title 24-A Sec. 4347
• Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72