PBM reverse auction definition

PBM reverse auction means an automated, transparent, and
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PBM reverse auction means an automated, transparent, and dynamically competitive bidding pro- cess conducted online that starts with an opening round of bids and allows qualified PBM bidders to counter- offer a lower price for as many rounds of bidding as determined by the department of administrative services or its authorized representative conducting the reverse auction for a multiple health plan prescription drug purchasing group.
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PBM reverse auction means an automated, transparent, and dynamically competitive
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Examples of PBM reverse auction in a sentence

  • The state employee health plan and any self-funded public or private sector health plans that may be permitted to participate with the state in a joint PBM reverse auction purchasing pool shall retain full autonomy over determination of their respective prescription drug formularies and pharmacy benefit designs and shall not be required to adopt a common drug formulary or common prescription pharmacy benefit design.

  • An entity may request in writing and subject to the approval of the commissioner to participate in a joint purchasing group with the state employee and retiree group insurance program for procuring for PBM services through a PBM reverse auction or otherwise.

  • Any such entity or purchasing group shall agree, before participating in the PBM reverse auction, to accept the prescription drug pricing plan that is selected through the PBM reverse auction process.

  • Technology platform with the required capabilities for conducting a PBM reverse auction, along with the related services of a technology operator, as described in subparagraph (a).

  • The vendor shall not outsource any part of the PBM reverse auction or the automated, real-time, electronic, line-by-line, claim-by-claim review of invoiced PBM prescription drug claims.

  • The PBM reverse auction planning shall take place February to March 2021.

  • A successful PBM reverse auction begins with the state’s drafting of a detailed, high-value PBM contract.

  • The PBM reverse auction RFP process and subsequent contract development shall take place April to July 2021.

  • PBA" means a participant bidding agreement entered into by all participants in the PBM reverse auction prior to participation therein.

  • Bidder shall not outsource any part of the PBM reverse auction or the automated, real-time, electronic, line- by-line, claim-by-claim review of invoiced PBM prescription drug claims.


More Definitions of PBM reverse auction

PBM reverse auction means an automated, transparent, and dynamically competitive bidding process conducted online that starts with an opening round of bids and allows qualified PBM bidders to counter-offer a lower price for as many rounds of bidding as determined by the department for a multiple health plan prescription drug purchasing group.
Sample 1
PBM reverse auction means an automated, transparent, and dynamically competitive bidding process conducted online that starts with an opening round of bids and allows qualified pharmacy benefit manager bidders to counter-offer a lower price for as many rounds of bidding as determined by the purchaser for a multiple health plan prescription drug purchasing group. Except to the extent clearly provided by this Section, any pharmacy benefit manager reverse auction shall be conducted in accordance with R.S. 39:1600(D) and its corresponding regulations.
Sample 1

Related to PBM reverse auction

  • Reverse auction means a purchasing process in which offerors submit proposals in competing to sell services or supplies in an open environment via the internet.

  • Reverse auctioning means a procurement method wherein bidders are invited to bid on specified goods or nonprofessional services through real-time electronic bidding, with the award being made to the lowest responsive and responsible bidder. During the bidding process, bidders' prices are revealed and bidders shall have the opportunity to modify their bid prices for the duration of the time period established for bid opening.

  • E-Auction Process /”E-Auction” shall mean the electronic auction process for sale of the Company conducted in accordance with the provisions of IBC, Liquidation Process Regulations, Applicable Law(s) and this E- Auction Process Information Document inviting Bid from the Bidders for consummating the sale of Company on going concern basis in accordance with the provisions of IBC and Liquidation Process Regulations;

  • Dutch Auction means an auction (an “Auction”) conducted by Holdings or one of its Subsidiaries in order to purchase any Term Loans under a Tranche (the “Purchase”) in accordance with the following procedures or such other procedures as may be agreed to between the Administrative Agent and the Borrower:

  • LIBOR Auction means a solicitation of Money Market Quotes setting forth Money Market Margins based on the London Interbank Offered Rate pursuant to Section 2.03.

  • Absolute Rate Auction means a solicitation of Money Market Quotes setting forth Money Market Absolute Rates pursuant to Section 2.03.

  • Base Residual Auction means the auction conducted three years prior to the start of the Delivery Year to secure commitments from Capacity Resources as necessary to satisfy any portion of the Unforced Capacity Obligation of the PJM Region not satisfied through Self- Supply.

  • Incremental Auction means any of several auctions conducted for a Delivery Year after the Base Residual Auction for such Delivery Year and before the first day of such Delivery Year, including the First Incremental Auction, Second Incremental Auction, Third Incremental Auction or Conditional Incremental Auction. Incremental Auctions (other than the Conditional Incremental Auction), shall be held for the purposes of:

  • Supplier/ Successful or Selected bidder means the person, private or government entity, or a combination of the above, whose Bid to perform the Contract has been accepted by the Purchaser and is named as such in the Agreement, and includes the legal successors or permitted assigns of the successful/ selected bidder.

  • Auction Date means the first Business Day preceding the first day of a Dividend Period.

  • Approved Vendor means a person who has been approved for inclusion on an approved vendor list through the approved vendor list process.

  • Auction shall have the meaning specified in Section 2.1 hereof.