The Equitable Drug Pricing and Patient Access Act aims to enhance the reimbursement rates for prescription drug services provided to Medicaid beneficiaries in New Jersey. Specifically, the bill mandates that these rates must be no less than the national average drug acquisition cost plus a professional dispensing fee of $10.92. Additionally, it requires that all Medicaid managed care contracts include pharmacy choice as a mandatory benefit, allowing enrollees to select any qualified pharmacy that agrees to the contract terms. This provision is designed to ensure fair participation among pharmacies and to prevent any pharmacy from being forced to dispense medications below their acquisition cost.

Furthermore, the bill mandates an audit by the State Auditor to assess pharmacy pricing practices within the Medicaid program, aiming to identify potential savings for the state. The audit will track the flow of funds from managed care organizations to pharmacy benefit managers and pharmacies. The bill reflects a response to rising drug prices and restrictive practices that limit patient access, with the goal of increasing transparency and cost management within the Medicaid program. The act is set to take effect seven months after its enactment and will apply to Medicaid managed care contracts executed thereafter.