The bill HB 645-FN amends the operational framework of the Prescription Drug Affordability Board by introducing new data collection and reporting requirements. It mandates that the board's reports include details about data sources, limitations, and recommendations for enhancing report value through additional data. The bill also encourages collaboration with state agencies via memorandums of understanding (MOUs) to streamline data collection and avoid redundancy. A new definition for "data steward" is added to clarify the role of individuals or entities responsible for managing and reporting data quality. Additionally, the bill repeals existing requirements related to drug price notifications, confidentiality, and registration, while granting the board authority to collect data from third parties and establishing penalties for non-compliance.

Furthermore, the bill emphasizes the need for the board to determine spending targets for public payors based on prescription drug spending data, while ensuring access to medically necessary medications as determined by licensed healthcare providers. It mandates annual reporting on spending targets and strategies, focusing on the 50 most frequently prescribed and costliest drugs. The board is also tasked with making recommendations for cost-reduction strategies, such as negotiating rebates and collaborating with other states for bulk purchasing. The bill modifies existing rules regarding drug price transparency and data handling, ensuring confidentiality and integrity of sensitive information while streamlining the regulatory framework. Overall, HB 645-FN aims to improve prescription drug affordability and transparency while managing the increased workload associated with new data collection responsibilities.

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