The Prescription Relief and Inflation Cost Elimination (P.R.I.C.E.) Act establishes a Prescription Drug Affordability Board and a Prescription Drug Affordability Stakeholder Council in Ohio, introducing new sections (3901.85 to 3901.858) to the Revised Code. The board, composed of nine members appointed by the governor with expertise in health care economics, policy, and clinical medicine, is responsible for setting upper payment limits on certain prescription drugs based on affordability criteria. The criteria include high-cost brand name drugs, biosimilars that are not significantly cheaper than their referenced biologics, and generic drugs with substantial price increases. The board will also have the authority to enter contracts with independent third parties for necessary services and is required to submit an annual report to the General Assembly.

In addition to establishing the new board and council, the bill repeals the existing law that created the Prescription Drug Transparency and Affordability Advisory Council, signaling a shift in focus. The stakeholder council will consist of 23 members from various sectors, providing input to the affordability board without compensation, though they will be reimbursed for travel expenses. The legislation emphasizes transparency and accountability in prescription drug pricing while aiming to address affordability issues for consumers. Furthermore, it mandates the creation of a Prescription Drug Affordability Fund to support the board's activities and requires a review of the generic drug market to assess pricing trends and their impact on insurance premiums and Medicaid spending.

Statutes affected:
As Introduced: 125.95