; (2) the term deductible means the payment obligation of an enrollee in a group health plan or group or individual health insurance coverage before the group health plan or group or individual health insurance coverage will pay any portion of the cost of prescription drug coverage; (3) the term list price has the meaning given the term wholesale acquisition cost in section 1847A(c)(6)(B) of the Social Security Act; (4) the term net price means, with respect to prescription drug coverage under a group health plan or group or individual health insurance coverage, the list price of the drug net all rebates, discounts, concessions, and other adjustments applied to the cost paid by the group health plan or health insurance issuer, or by any other entity that provides pharmacy benefit management services under a contract with any such group health plan or health insurance issuer, regardless of whether such adjustments are prospective or retrospective; and (5) the term prescription drug means a drug, as defined in section 201(g) of the Federal Food, Drug, and Cosmetic Act, that is subject to section 503(b)(1) of such Act. . (b) Effective date Section 2729A of the Public Health Service Act, as added by subsection (a), shall apply with respect to plan years beginning on or after January 1, 2025.