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. The bill also stipulates that no pharmacy can be denied participation as a contracting provider, ensuring fair access for all pharmacies.

To further ensure accountability and transparency, the bill tasks the State Auditor with conducting an audit of pharmacy pricing practices within the Medicaid program. This audit will assess the potential savings for the state resulting from the bill's provisions and will track the flow of funds from managed care organizations to pharmacy benefit managers and pharmacies. The overarching goal of the legislation is to address the rising costs of prescription drugs within the Medicaid program, which have seen significant increases in recent years, and to promote better cost management and patient access to medications.