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 meets the contract's terms. The bill also stipulates that no pharmacy can be denied participation as a contracting provider, ensuring fair access for all pharmacies willing to accept the contract conditions.

To further support the objectives of the act, the State Auditor is tasked with auditing pharmacy pricing practices within the Medicaid program to assess potential savings resulting from the bill's provisions. This audit will include an examination of the financial flow from managed care organizations to pharmacy benefit managers and pharmacies. The act is a response to rising drug prices and aims to improve transparency and cost management within the Medicaid program, ultimately benefiting patients by enhancing their access to necessary medications.