SB 1682 — Prescription Drug Price Transparency

Summary

Prescription Drug Price Transparency; Citing this act as the “Prescription Drug Price Transparency Act”; authorizing specified pharmacies and pharmacists to contract with pharmacy benefit managers; requiring group health plans, health insurers, and certain pharmacy benefit managers to base plan beneficiaries’ and insureds’ coinsurance obligations for certain prescription drugs on specified drug prices; requiring pharmacy benefit managers to allow insurers, health maintenance organizations, and payors access to specified records, data, and information, etc.

Bill Text

• Introduced S 1682 Filed Current html

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill introduces new regulations pertaining to pharmacy benefit managers and prescription drug manufacturers aimed at enhancing transparency in drug pricing.

• Section 465.003

  “Pharmacy benefit manager” means an entity that performs pharmacy benefit management services for a health plan, a health plan sponsor, a health plan provider, a health insurer, or any other payor. The term does not include a provider as defined in s. 641.19, a physician as defined in s. 458.305, or an osteopathic physician as defined in s. 459.003.

  This defines the term 'Pharmacy benefit manager' in Florida law.

• Section 465.003

  “Pharmacy benefit management services” means services that: (a) Are provided, directly or through another entity, to a health plan, a health plan sponsor, a health plan provider, a health insurer, or any other payor, regardless of whether the services provider and the health plan, health plan sponsor, health plan provider, health insurer, or other payor are related or associated by ownership, common ownership, organization, or otherwise. (b) Include the procurement of prescription drugs to be dispensed to patients and the administration or management of prescription drug benefits, including, but not limited to, any of the following: 1. A mail service pharmacy or a specialty pharmacy. 2. Claims processing, retail network management, or payment of claims to pharmacies for dispensing drugs. 3. Clinical or other formulary or preferred-drug-list development or management. 4. Negotiation, administration, or receipt of rebates, discounts, payment differentials, or other incentives, to include particular drugs in a particular category or to promote the purchase.

  This provides a detailed definition of 'Pharmacy benefit management services' in Florida law.

• Section 465.203

  Requires specified pharmacies and pharmacists to contract with pharmacy benefit managers.

  This allows certain pharmacies and pharmacists to enter into agreements with pharmacy benefit managers.

• Section 465.203

  Prohibits pharmacy benefit managers from engaging in certain practices.

  This introduces restrictions on the practices of pharmacy benefit managers to protect consumers.

• Section 465.203

  Requires pharmacy benefit managers to allow payors access to specified records, data, and information.

  This enhances transparency by mandating access to important information for payors.

• Section 465.203

  Requires pharmacy benefit managers to disclose and report specified information to the payor.

  This mandates pharmacy benefit managers to provide specific data to payors.

• Section 465.203

  Requires certain income and financial benefits to be passed through to payors.

  This ensures that financial benefits from drug pricing are passed on to payors.

• Section 499.0284

  Requires prescription drug manufacturers to annually report certain information to the Department of Business and Professional Regulation by a specified date.

  This mandates pharmaceutical companies to provide annual reports on pricing and other specified information.

• Section 499.0284

  Requires the department to publish the reported information on its website.

  This increases transparency by mandating that the department make drug pricing information publicly available.

• Section 624.491

  Requires pharmacy benefit managers to submit annual reports to the Office of Insurance Regulation by a specified date.

  This compels pharmacy benefit managers to provide annual reports to regulatory bodies.

• Section 627.42385

  Requires group health plans, health insurers, and certain pharmacy benefit managers to base plan beneficiaries’ and insureds’ coinsurance obligations for certain prescription drugs on specified drug prices.

  This ensures that coinsurance is calculated based on transparent drug prices.

• Section 627.64741

  Conforms provisions to changes made by the act.

  This updates existing law to incorporate new regulations introduced by the act.

• Section 627.6572

  Conforms provisions to changes made by the act.

  This ensures that existing statutes are aligned with new pharmacy benefit management regulations.

• Section 641.314

  Conforms provisions to changes made by the act.

  This updates statutes regarding health maintenance organizations in light of new regulations.

Action History

1. March 14, 2020

   Died in Banking and Insurance

2. March 14, 2020

   Indefinitely postponed and withdrawn from consideration

3. January 22, 2020

   Introduced

4. January 17, 2020

   Referred to Banking and Insurance; Appropriations Subcommittee on Health and Human Services; Appropriations

5. January 10, 2020

   Filed

Sponsors

• Ana Maria Rodriguez · Primary

Subjects