Bill > S2651

This bill aims to improve pharmaceutical access, costs, and transparency in the state of Massachusetts. Key provisions include: - Defining key terms like "brand name drug", "biosimilar", "generic drug", "pharmacy benefit manager", and others to establish common definitions. - Requiring pharmaceutical manufacturers to provide early notice to the state's Health Policy Commission about new drug launches, generic drug approvals, and significant price increases on existing drugs. This information will be shared with state agencies like Medicaid. - Establishing a process for the Health Policy Commission to review the pricing and value of high-cost drugs, and work with manufacturers to develop affordability improvement plans if the pricing is deemed excessive. - Requiring increased transparency and reporting from pharmaceutical manufacturers and pharmacy benefit managers on pricing, rebates, and other factors impacting drug costs. - Capping patient cost-sharing for insulin at $25 per 30-day supply across various health plans. - Regulating pharmacy benefit managers, including requiring them to be licensed by the state. - Establishing a trust fund to provide financial assistance to residents for prescription drugs used to treat certain chronic conditions.

Senate Committee on Ways and Means (S)

https://malegislature.gov/Bills/192/S2651