The bill HB 645-FN amends the existing laws governing the Prescription Drug Affordability Board by introducing new requirements for data collection and reporting. Key insertions include mandates for the board to provide detailed reports that specify the source and limitations of the data, as well as guidance on interpreting the reports based on data availability. The board is also encouraged to enter into memorandums of understanding (MOUs) with state agencies to streamline data collection. Additionally, the bill defines "data steward" as an entity responsible for managing data quality. It grants the board authority to collect data from third parties, such as drug manufacturers and pharmacy benefit managers, and establishes penalties for non-compliance with data requests, emphasizing collaboration with state agencies to enhance data sharing practices.

The bill also repeals certain existing requirements related to drug price notifications, confidentiality, and registration, while modifying rules regarding drug price transparency and data handling. It replaces the requirement for the board to develop its own policies with a directive to follow state agency policies for data collection and analysis. The board is tasked with ensuring access to medically necessary pharmaceuticals and making recommendations on cost-reduction strategies. Annual reporting on spending targets and the efficacy of implemented recommendations is mandated, focusing on the 50 most frequently prescribed and costliest drugs. The fiscal impact suggests potential revenue from noncompliance fees, while the board anticipates additional costs to manage the increased workload associated with these changes.

Statutes affected:
Introduced: 126-BB:1, 126-BB:5, 126-BB:6, 126-BB:7
HB645 text: 126-BB:1, 126-BB:5, 126-BB:6, 126-BB:7