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 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 act is a response to rising drug prices and aims to improve patient access and choice within the Medicaid program, ultimately seeking to manage costs more effectively and reduce waste.