Bill > S0468

This bill creates a comprehensive framework to control prescription drug prices in Rhode Island by prohibiting state entities, health plans, and participating ERISA plans from purchasing referenced drugs (drugs subject to a maximum fair price) at rates higher than a federally determined "maximum fair price". The legislation aims to protect Rhode Island residents from excessive drug pricing by establishing several key mechanisms: it requires entities to pay no more than the maximum fair price for certain drugs, allows ERISA plans to opt into the program, mandates that any savings generated be used to reduce consumer costs and promote health equity, and imposes significant financial penalties on pharmaceutical manufacturers who attempt to avoid price limitations by withdrawing drugs from the state market or refusing to negotiate in good faith. The bill defines various terms like "health plan" and "participating ERISA plan" and grants the insurance commissioner rulemaking authority and enforcement power. The legislative intent section emphasizes that excessive drug prices threaten residents' health, economic well-being, and access to healthcare, positioning this bill as a consumer protection measure designed to make prescription medications more affordable and accessible. The act would take effect immediately upon passage.

Health and Social Services

https://status.rilegislature.gov/