House Bill No. 870, introduced by Representative Turner, aims to enhance access to certain generic drugs and biosimilars by establishing specific formulary placement and cost-sharing requirements for health insurance issuers. The bill mandates that if a generic drug or biosimilar is marketed at a lower wholesale acquisition cost than its corresponding reference product, health insurers must include it on their formulary with more favorable cost-sharing arrangements. Additionally, the bill prohibits the imposition of prior authorization, step therapy, or any other limitations that could hinder access to these drugs compared to their reference counterparts. These provisions remain in effect as long as the cost of the generic or biosimilar remains lower than that of the reference product.

The bill also introduces definitions for key terms such as "biosimilar," "brand drug," "formulary," "generic drug," "reference listed drug," "reference product," and "wholesale acquisition cost." Amendments made during the legislative process clarify that insurers cannot impose utilization management requirements on qualifying generic drugs and biosimilars that are more restrictive than those applied to their respective reference products. This legislation is designed to promote the use of more affordable medication options, ultimately benefiting consumers by reducing out-of-pocket costs and improving access to necessary treatments.