Assembly Bill 62 aims to enhance access to healthcare and reduce costs associated with prescription drugs in Wisconsin. A significant provision of the bill is the elimination of all cost-sharing payments for prescription drugs under the Medical Assistance program, also known as BadgerCare. Additionally, the bill establishes a cap on insulin costs, limiting patient cost-sharing to $35 for a one-month supply. It also imposes fiduciary and disclosure requirements on pharmacy benefit managers, ensuring they act in the best interest of health plan sponsors and transparently disclose financial information. The bill further addresses the 340B drug pricing program, ensuring that certain entities are reimbursed fairly for drugs, and allows for the establishment of a drug repository program to facilitate donations of medications.

Moreover, the bill introduces several initiatives aimed at improving the management and distribution of prescription drugs. It mandates the creation of a prescription drug importation program to generate savings for Wisconsin residents and provides grants for developing patient pharmacy benefits tools. The bill also requires the licensure of pharmacy services administrative organizations and pharmaceutical representatives, establishing ethical standards and reporting requirements for their operations. To support insulin access, manufacturers are required to create programs for uninsured or underinsured individuals in urgent need of insulin, with specific provisions for copayments and eligibility assessments. Noncompliance with these provisions may result in significant financial penalties for manufacturers. Overall, the bill seeks to improve healthcare affordability and accessibility for Wisconsin residents.