This bill amends existing Arizona Revised Statutes related to pharmacy benefits by establishing a Prescription Drug Affordability Division within the Department of Insurance and Financial Institutions. The division will be responsible for promoting consumer cost-saving mechanisms, approving or denying price increase requests for prescription drugs, and ensuring that health insurance premium rates reflect the true costs of prescription drugs, including any rebates or incentives. Additionally, the bill mandates that accountable health plans demonstrate how they will reduce consumer costs through manufacturer rebates and other incentives.

Key changes include the requirement for pharmacy benefit managers to file price increase requests with the division before raising drug prices above the rate of inflation, along with the establishment of upper payment limits for prescription drugs. The bill also imposes reporting requirements on pharmacy benefit managers regarding drug manufacturer rebates and other relevant data. Overall, the legislation aims to enhance transparency and affordability in prescription drug pricing for consumers.

Statutes affected:
Introduced Version: 20-2311, 20-3331, 20-3335