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2023 SESSION
23104394DBe it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Chapter 7.2 of Title 32.1 a section numbered 32.1-276.12 as follows:
§ 32.1-276.12. 340B Covered Entity Commitment to Good Stewardship Principles Annual Report.
A. The nonprofit organization, as defined by § 32.1-276.3, shall create a standardized reporting form, which shall be known as the 340B Covered Entity Commitment to Good Stewardship Principles Annual Report.
B. The 340B Covered Entity Commitment to Good Stewardship Principles Annual Report shall direct each hospital described in § 340B(a)(4) of the federal Public Health Service Act, 42 U.S.C. § 256B(a)(4), to report, at minimum, the following information:
1. A narrative that describes how the hospital uses 340B Drug Pricing Program savings to benefit the residents of the geographic area in which the hospital is located;
2. Disclosure of the hospital's 340B Drug Pricing Program estimated savings, which shall be calculated using a standardized method that calculates 340B Drug Pricing Program savings by comparing the 340B Drug Pricing Program acquisition price to group purchasing organization pricing; and
3. The hospital's commitment to continue rigorous internal oversight to ensure that the hospital's 340B Drug Pricing Program meets the federal Health Resources and Services Administration's program rules and guidance.
C. Each hospital described in § 340B(a)(4) of the federal Public Health Service Act, 42 U.S.C. § 256B(a)(4), that participates in the 340B Drug Pricing Program shall submit a 340B Covered Entity Commitment to Good Stewardship Principles Annual Report to the nonprofit organization annually by February 1 for the previous calendar year, which shall be posted on the nonprofit organization's website.