The new law also:

● Lets Massachusetts insurance regulators punish a PBM that fails to pay the application or renewal fees, fails to comply with other state PBM laws, generates significant consumer complaints or commits fraud.

● Establishes a $5,000-per-day fine for an individual or business that operates as a PBM without getting licensed.

● Establishes a fine of at least $5,000 for each violation of other state PBM laws.

● Creates a state office of pharmaceutical policy and analysis. The office is supposed to collect, analyze and publish data on prescription drug prices and related prescription drug facts and trends.

● Requires health insurers to cover some key medications for diabetes, asthma and some heart conditions with no cost-sharing for generic drugs and cost-sharing bills under $25 for a 30-day supply of some common, high-value brand-name drugs.

The new law also includes a section concerning pay for brokers or consultants who help health benefit plan sponsors hire PBMs. The law prohibits the PBMs from making any kinds of payments to the brokers or consultants that might create conflicts of interest.

The state insurance commissioner will decide which kinds of PBM payments would create conflicts of interest.

Some of the other states that require PBM licensure include Minnesota, New York, Utah and West Virginia.

Pennsylvania Gov. Josh Shapiro, a Democrat, signed a broader PBM regulation bill into law in July.

Related: Pennsylvania governor signs pharmacy benefit manager bill

California Gov. Gavin Newsom, a Democrat, vetoed a PBM regulation bill in September., in part because of concerns about how the PBM licensing provisions in that bill would work.

The Illinois state House is considering a new pharmacy benefit manager regulation bill that's similar to the bill Pennsylvania enacted.

The National Association of Chain Drug Stores welcomed Healey's signing of the Massachusetts bill, but it called for Massachusetts lawmakers to adopt more items from its policy agendas, such as new restrictions on PBMs' ability to exclude pharmacies from their provider networks.

The Pharmaceutical Care Management Association, the PBMs' trade group, contends that drug manufacturers and pharmacies are attacking PBMs because of PBMs' successful efforts to hold down drug costs and narrow some prescription drug market players' profit margins.

The group notes that a survey of about 700 employers by NORC at the University of Chicago found that 86% said they were happy with PBMs' ability to negotiate discounts from drug manufacturers and generate savings for employers.

About 88% of the employers that participated said they were happy with PBMs' ability to hold down what the health plan participants pay for prescriptions out of their own pockets.