Bill > S2695

This bill, titled "Relative to pharmaceutical access, costs and transparency", proposes several key provisions: 1. It defines important terms like "biosimilar", "brand name drug", "generic drug", "pharmaceutical manufacturing company", and "pharmacy benefit manager" for the purposes of the bill. 2. It requires pharmaceutical manufacturing companies to provide early notice to the Health Policy Commission (HPC) about new drugs, devices, or price increases to enable the HPC to analyze their potential impact. 3. It authorizes the HPC to review the pricing of certain "eligible drugs" that have a high launch cost or create affordability challenges, and work with manufacturers to develop access and affordability improvement plans if the pricing substantially exceeds the HPC's proposed value. 4. It establishes the Prescription Drug Cost Assistance Trust Fund to provide financial assistance to residents for certain high-cost prescription drugs. 5. It imposes requirements on pharmacy benefit managers, including the need to obtain a license from the Division of Insurance to operate in the state, and enhances oversight and reporting obligations. 6. It caps consumer copays for insulin at $25 per 30-day supply, regardless of the amount or type of insulin needed. 7. It creates a task force to examine various aspects of the drug supply chain, including pharmacy reimbursements and pricing transparency. Overall, the bill aims to increase access, affordability, and transparency related to prescription drugs in Massachusetts.

Budget and Finance

Senate Committee on Ways and Means (S)

https://malegislature.gov/Bills/192/S2695