summary
Introduced
12/09/2025
12/09/2025
In Committee
12/16/2025
12/16/2025
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An act relating to drug prices and coverage; providing a short title; creating s. 381.02036, F.S.; requiring the Agency for Health Care Administration to contract with an entity to designate reference price source countries and analyze certain data; defining the term "real gross domestic product per capita"; providing duties for the contracted entity; requiring the agency to publish annually prescription drug reference prices; amending s. 465.0244, F.S.; requiring pharmacies to charge cash-paying customers up to reference prices for prescribed drugs and biological products; providing applicability; creating s. 499.044, F.S.; providing legislative intent; defining the terms "prescription drug" and "drug"; requiring prescription drug manufacturer permitholders to annually report to the agency international drug price data beginning on a specified date; providing reporting requirements and penalties; amending s. 626.8825, F.S.; providing definitions; requiring contracts between pharmacy benefit managers and pharmacy benefits plans and programs to prohibit pharmacy benefit managers from offering and implementing certain formularies; requiring contracts between pharmacy benefit managers and participating hb697-00 pharmacies to allow a specified option in the administrative appeal procedure; amending s. 626.8827, F.S.; providing pharmacy benefit manager prohibited practices relating to pharmacies and pharmacists; creating s. 627.4231, F.S.; defining the terms "health insurer," "prescription drug," and "drug"; requiring certain health insurers to limit covered prescription drug reimbursement to reference prices; requiring savings from such reimbursement limits to be used for certain purposes; providing documentation, assessment, and reporting requirements for such health insurers; providing applicability; requiring the office and the agency to submit an annual report to the Governor and the Legislature; creating s. 627.42398, F.S.; requiring health insurance policies to limit changes to prescription drug formularies under certain circumstances; providing applicability; amending s. 627.6699, F.S.; requiring small employer carriers to limit changes to prescription drug formularies; amending s. 641.30, F.S.; requiring health maintenance organizations to comply with requirements on limits on prescription drug reimbursement and on the uses of savings from such limits; amending s. 641.31, F.S.; requiring health maintenance organizations to limit changes to prescription drug formularies under certain hb697-00 circumstances; providing applicability; requiring the office to adopt rules; providing findings of an important state interest; providing an effective date.
AI Summary
This bill, titled the "Prescription Reduction Incentives and Competition Enhancement Act," establishes a comprehensive framework for regulating prescription drug pricing in Florida by creating an international drug reference pricing system. The legislation requires the Agency for Health Care Administration to contract with an entity to designate reference price source countries and analyze international drug pricing data, focusing on countries with a gross domestic product per capita of at least 60% of the United States. The bill mandates that prescription drug manufacturers annually report international drug price data, and pharmacies must charge cash-paying customers no more than the established reference price. Health insurers will be required to limit prescription drug reimbursement to these reference prices, with any savings to be used for reducing policyholder premiums and cost-sharing. Additionally, the bill restricts health insurance providers from making mid-year changes to prescription drug formularies, preventing sudden removals or increased costs for drugs during a policy year. The legislation aims to help cost-burdened Floridians access medication at competitive prices, ensure price transparency, and create a more equitable drug pricing environment by comparing prices across international markets. The bill is set to take effect on July 1, 2026, with implementation guidelines to be established by January 1, 2027.
Committee Categories
Budget and Finance, Health and Social Services
Sponsors (1)
Last Action
House Health & Human Services Committee Hearing (15:30:00 2/26/2026 ) (on 02/26/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2026/697 |
| Analysis - Budget Committee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2026/697/Analyses/h0697c.BUC.PDF |
| Analysis - Budget Committee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2026/697/Analyses/h0697b.BUC.PDF |
| Analysis - Health Care Facilities & Systems Subcommittee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2026/697/Analyses/h0697a.HFS.PDF |
| Analysis - Health Care Facilities & Systems Subcommittee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2026/697/Analyses/h0697.HFS.PDF |
| BillText | https://www.flsenate.gov/Session/Bill/2026/697/BillText/Filed/PDF |
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