Bill
Bill > S3703
NJ S3703
Requires cost sharing amounts for certain prescription drug benefits to be based on final cost to carrier.
summary
Introduced
09/30/2024
09/30/2024
In Committee
09/30/2024
09/30/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill requires the cost sharing amounts for certain prescription drug benefits to be based on the final cost of those prescription drugs to the carrier. Specifically, the bill requires carriers to base any cost sharing required to be paid by a covered person for a prescription drug on the final amount paid for the prescription drug by the carrier, after: (1) any price negotiation by the carrier or a pharmacy benefits manager under contract with the carrier; and (2) the deduction of any compensation remitted by or on behalf of a pharmaceutical manufacturer, developer, or labeler, directly or indirectly, to the carrier or to a pharmacy benefits manager under contract with the carrier. As used in the bill, "carrier" includes the various entities licensed by the State to provide health insurance, as well as the State Health Benefits Program and the School Employees' Health Benefits Program.
AI Summary
This bill requires the cost sharing amounts for certain prescription drug benefits to be based on the final cost of those prescription drugs to the carrier. Specifically, the bill requires carriers, including insurance companies, health service organizations, and the State Health Benefits Program and School Employees' Health Benefits Program, to base any cost sharing required to be paid by a covered person for a prescription drug on the final amount paid for the prescription drug by the carrier, after any price negotiation or deduction of compensation remitted by or on behalf of a pharmaceutical manufacturer, developer, or labeler. The bill uses the term "compensation" to refer to any direct or indirect financial benefit, such as rebates, discounts, or payments, that is attributed to the utilization of a health benefits plan or enrollment in a health benefits plan.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 09/30/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S3703 |
| BillText | https://pub.njleg.gov/Bills/2024/S4000/3703_I1.HTM |
Loading...