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Bill > SB734
OK SB734
OK SB734Prescription drugs; prohibiting certain entities from purchasing prescription drugs in excess of certain rate. Effective date.
summary
Introduced
02/01/2021
02/01/2021
In Committee
03/01/2021
03/01/2021
Crossed Over
Passed
Dead
05/27/2022
05/27/2022
Introduced Session
Potential new amendment
2021 Regular Session
Bill Summary
An Act relating to prescription drugs; declaring purpose of act; stating legislative findings; defining terms; prohibiting certain entities from purchasing or distributing certain prescription drugs in excess of certain rate; authorizing ERISA plans to participate in pricing program; requiring ERISA plans notify Insurance Commissioner of participation in plan; requiring Director of Office of Management and Enterprise Services to provide certain prescription drug information to Commissioner; requiring Commissioner to create list of certain drugs and publish on its website; requiring Commissioner to determine reference rate for certain drugs using certain information; providing for calculation of certain drug prices; specifying factors Commissioner shall consider when creating list of drugs; authorizing certain pharmacies to charge certain fee; authorizing Commissioner to promulgate rules; requiring certain entities maintain registered agent and office in state; requiring certain monies be used to reduce drug costs to certain persons; requiring certain entities submit report on certain monies to Commissioner; establishing fine for violations of act; authorizing Attorney General to enforce provisions of act; establishing affirmative defense to enforcement action under act; prohibiting certain entities from withdrawing drugs from sale or distribution in certain circumstance; requiring certain entities notify Commissioner and Attorney General of intent to withdraw certain drug from sale and distribution; requiring Commissioner assess certain penalties; specifying amount of penalties to be assessed; prohibiting certain entities from refusing to negotiate drug prices with purchasers; providing for noncodification; providing for codification; and providing an effective date.
AI Summary
This bill aims to protect the safety, health, and economic well-being of Oklahoma residents by regulating the prices of prescription drugs. It prohibits state entities, health plans, and participating ERISA plans (employee retirement plans) from purchasing or distributing certain high-cost prescription drugs above a referenced rate determined by the Insurance Commissioner. The bill also requires entities selling or distributing prescription drugs in the state to maintain a registered agent and office in Oklahoma, and mandates that any savings generated be used to directly reduce costs for consumers. Violations of the bill's provisions are subject to fines, and the Attorney General is authorized to enforce the law. The bill also prohibits manufacturers or distributors from withdrawing drugs from the state to avoid the price limitations, and allows the Commissioner to assess penalties for such actions or for failing to negotiate in good faith with payors or sellers.
Committee Categories
Budget and Finance, Health and Social Services
Sponsors (3)
Last Action
Senate Floor SB734 (3-09-21) (MCCORTNEY) FS FA2 - SB734 (3-09-21) (MCCORTNEY) FS FA2 (on 03/09/2021)
Official Document
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