The bill aims to enhance accountability and transparency in the pricing of prescription medications in Massachusetts. It introduces a new definition for "Biosimilar" and establishes a framework for the Health Policy Commission to require pharmaceutical manufacturers to disclose detailed pricing information, including wholesale acquisition cost increases and research and development expenditures. The Commission will assess whether drug pricing is unreasonable or excessive and may recommend measures to improve affordability, such as alternative purchasing plans or bulk purchasing programs. Additionally, the bill imposes civil penalties for manufacturers that fail to comply with information requests, with penalties deposited into the Payment Reform Fund.

Furthermore, the bill mandates the Attorney General to monitor healthcare market trends, including prescription drug costs, and allows for the collection of relevant data from various healthcare entities. It also requires the Center for Health Information and Analysis to analyze drug utilization and spending, referring high-cost drugs to the Health Policy Commission for review. Lastly, it establishes auditing requirements for pharmacy benefit managers and mandates that they obtain a license to contract with health carriers, ensuring compliance with state regulations.

Statutes affected:
Bill Text: 6D-1, 12-11N, 176O-2