Bill > S1444

This bill, titled the "Prescription Drug Cost Reduction Act," proposes several key changes: 1. It defines "pharmacy benefit manager" and "pharmacy benefit management services," and establishes that pharmacy benefit managers have a fiduciary duty to the individuals covered by the health plans they serve and the health plans themselves. The bill sets requirements for pharmacy benefit managers, including prohibiting certain practices like spread pricing and limiting a pharmacy's ability to participate in a network. 2. It requires group health plans, health insurers, and pharmacy benefit managers to base a plan beneficiary's or insured's coinsurance obligation for a prescription drug on the net price of the drug, rather than the list price, with some exceptions. 3. It adds provisions related to pharmacy benefit manager contracts, including requirements around maximum allowable cost lists and disclosures. The bill also grants state agencies access to the financial and utilization records of pharmacy benefit managers. 4. The bill applies these changes to contracts entered into or renewed on or after January 1, 2021.

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https://www.flsenate.gov/Session/Bill/2020/1444