The proposed bill establishes the West Virginia Prescription Drug Affordability Board, tasked with addressing high prescription drug costs for residents and stakeholders. It introduces a new article to the Code of West Virginia, detailing the board's composition, which includes members appointed by state officials with expertise in health care economics or clinical medicine. The board is required to disclose any conflicts of interest and will work alongside a Prescription Drug Affordability Stakeholder Council to provide input on decision-making. The board is mandated to conduct studies on prescription drug transparency and affordability, perform cost reviews, and adhere to the West Virginia Public Employees' Ethics Act to ensure ethical conduct.

Additionally, the bill empowers the board to set upper payment limits on prescription drugs purchased by state or local government entities, contingent upon approval from the Governor and Attorney General. It outlines a process for appeals regarding these limits and requires the board to monitor drug availability, reconsidering limits in case of shortages. The legislation also establishes a Prescription Drug Affordability Fund, funded by fees from manufacturers and other stakeholders, to support the board's activities. A report is mandated by December 1, 2029, to assess the legality and implications of setting upper payment limits, along with recommendations for potential legislative action to expand the board's authority.

Statutes affected:
Introduced Version: 16-8C-1, 16-8C-2, 16-8C-3, 16-8C-4, 16-8C-5, 16-8C-6, 16-8C-7, 16-8C-8, 16-8C-9, 16-8C-10, 16-8C-11, 16-8C-12, 16-8C-13, 16-8C-14, 16-8C-15, 16-8C-16