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 mandates that manufacturers provide accurate information and allows for civil penalties for non-compliance.

Furthermore, the bill amends existing laws to empower the Attorney General to monitor healthcare market trends, including prescription drug costs, and to obtain necessary information from various healthcare entities. It also establishes penalties for healthcare payers and providers that fail to meet reporting deadlines. The Center for Health Information and Analysis is tasked with analyzing drug utilization and spending, referring high-cost drugs to the Health Policy Commission for review, and publishing an annual report on these referrals. Lastly, the bill requires pharmacy benefit managers to be licensed and undergo audits to ensure compliance with pricing regulations.

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