The bill introduces new prescription drug data reporting requirements for hospitals in New Jersey, mandating that they report specific pricing information to the Division of Consumer Affairs. This includes data on minimum and maximum prices for drugs, volume dispensed, total rebates and discounts, and net income for drug groups. Hospitals will be notified annually about which drugs require reporting and will have 60 days to submit the necessary information. The bill extends similar reporting obligations that currently exist for pharmacy benefits managers, wholesalers, insurance issuers, and manufacturers, ensuring that hospitals are held to the same standards of accountability.

Additionally, the legislation establishes the Drug Affordability Council, which will formulate policy recommendations to address high prescription drug costs. The council will consist of public members with expertise in healthcare economics and policy and will review the data collected from hospitals and other entities. The bill emphasizes transparency in drug pricing, includes provisions for public hearings, and ensures the confidentiality of sensitive information. The Director of the Division of Consumer Affairs is empowered to adopt regulations for immediate implementation, with the act set to take effect within 13 months of enactment, allowing for necessary administrative preparations.

Statutes affected:
Introduced: 45:14-82.2, 45:14-82.8, 45:14-82.9, 45:14-82.10, 45:14-82.11