“ Regular update of prescription drug pricing standard.—If the PDP sponsor of a prescription drug plan uses a standard for reimbursement of pharmacies based on the cost of a drug, each contract entered into with such sponsor under this part with respect to the plan shall provide that the sponsor shall update such standard not less frequently than once every 7 days, beginning with an initial update on January 1 of each year, to accurately reflect the market price of acquiring the drug. ”

“ Applicable number of calendar days defined.—In this paragraph, the term ‘applicable number of calendar days’ means— `` (i) with respect to claims submitted electronically, 14 days; and `` (ii) with respect to claims submitted otherwise, 30 days. ”