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 the reimbursement rate must be at least equal to 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 support the implementation of this act, the State Auditor is tasked with auditing pharmacy pricing practices within the Medicaid program to identify potential savings. This audit will include examining the flow of funds from managed care organizations to pharmacy benefit managers and pharmacies. The act is designed to address the rising costs of prescription drugs and improve patient access to medications, reflecting a commitment to transparency and cost management within the Medicaid program. The provisions of the act will take effect seven months after enactment and will apply to Medicaid managed care contracts executed thereafter.