Bill > S1550

This bill, cited as the "Prescription Drug Reform Act", establishes a number of requirements for pharmacy benefit managers (PBMs) in Florida. Key provisions include: - Requiring PBMs to notify the Department of Business and Professional Regulation of any reportable drug price increases of 15% or more in the previous 12 months or 30% or more in the previous 3 years. - Requiring PBMs to annually report detailed information about prescription drug price increases to the state. - Designating an employee of the Division of Consumer Services as the primary contact for consumer complaints involving PBMs. - Establishing transparency and accountability requirements for PBM contracts with pharmacies and pharmacy benefits plans/programs, including prohibitions on spread pricing and requirements to pass through 100% of rebates. - Granting the Office of Insurance Regulation authority to investigate and examine PBMs, impose fines for violations, and require disclosure of certain PBM contracts and policies. The bill also appropriates funding and positions to the Office of Insurance Regulation to implement these new PBM regulations.

Budget and Finance

Fiscal Policy (Senate), Health Policy (Senate)

https://www.flsenate.gov/Session/Bill/2023/1550