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2024 SESSION
SB 274 Prescription Drug Affordability Board; established, drug cost affordability review, report.
Introduced by: R. Creigh Deeds | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Prescription Drug Affordability Board established; drug cost affordability review. Establishes the Prescription Drug Affordability Board for the purpose of protecting the citizens of the Commonwealth and other stakeholders within the health care system from the high costs of prescription drug products. The bill requires the Board to meet in open session at least four times annually, with certain exceptions and requirements enumerated in the bill. Members of the Board are required to disclose any conflicts of interest, as described in the bill. The bill also creates a stakeholder council for the purpose of assisting the Board in making decisions related to drug cost affordability. The bill tasks the Board with identifying prescription, generic, and other drugs, as defined in the bill, that are offered for sale in the Commonwealth and, at the Board's discretion, conducting an affordability review of any prescription drug product. The bill lists factors for the Board to consider that indicate an affordability challenge for the health care system in the Commonwealth or high out-of-pocket costs for patients. The bill also provides that any person aggrieved by a decision of the Board may request an appeal of the Board's decision and that the Attorney General has authority to enforce the provisions of the bill. The bill provides that the Board shall establish no more than 12 upper payment limit amounts annually between January 1, 2025, and January 1, 2028.
The bill requires the Board to report its findings and recommendations to the General Assembly twice annually, beginning on July 1, 2025, and December 31, 2025. Provisions of the bill shall apply to state-sponsored and state-regulated health plans and health programs and obligate such policies to limit drug payment amounts and reimbursements to an upper payment limit amount set by the Board, if applicable, following an affordability review. The bill specifies that Medicare Part D plans shall not be bound by such decisions of the Board.
The bill also requires the nonprofit organization contracted by the Department of Health to provide prescription drug price transparency to provide the Board access to certain data reported by manufacturers. The bill has a delayed effective date of January 1, 2025, and is identical to HB 570.
FULL TEXT
- 01/09/24 Senate: Prefiled and ordered printed; offered 01/10/24 24101144D pdf | impact statement
- 02/05/24 Senate: Committee substitute printed 24106998D-S1 pdf | impact statement
- 02/05/24 Senate: Substitute bill reprinted 24106998D-S1 pdf | impact statement
- 02/28/24 Senate: Bill text as passed Senate and House (SB274ER) pdf | impact statement
AMENDMENTS
HISTORY
- 01/09/24 Senate: Prefiled and ordered printed; offered 01/10/24 24101144D
- 01/09/24 Senate: Referred to Committee on Education and Health
- 01/18/24 Senate: Rereferred from Education and Health (15-Y 0-N)
- 01/18/24 Senate: Rereferred to Commerce and Labor
- 02/05/24 Senate: Reported from Commerce and Labor with substitute (10-Y 5-N)
- 02/05/24 Senate: Committee substitute printed 24106998D-S1
- 02/05/24 Senate: Substitute bill reprinted 24106998D-S1
- 02/05/24 Senate: Rereferred to Finance and Appropriations
- 02/08/24 Senate: Reported from Finance and Appropriations (9-Y 6-N)
- 02/09/24 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/12/24 Senate: Read second time
- 02/12/24 Senate: Reading of substitute waived
- 02/12/24 Senate: Committee substitute agreed to 24106998D-S1
- 02/12/24 Senate: Engrossed by Senate - committee substitute SB274S1
- 02/13/24 Senate: Read third time and passed Senate (23-Y 16-N)
- 02/15/24 House: Placed on Calendar
- 02/15/24 House: Read first time
- 02/15/24 House: Referred to Committee on Labor and Commerce
- 02/20/24 House: Reported from Labor and Commerce (12-Y 10-N)
- 02/22/24 House: Read second time
- 02/23/24 House: Read third time
- 02/23/24 House: Passed House (50-Y 47-N)
- 02/23/24 House: VOTE: Passage (50-Y 47-N)
- 02/28/24 Senate: Enrolled
- 02/28/24 Senate: Bill text as passed Senate and House (SB274ER)
- 02/28/24 House: Signed by Speaker
- 03/02/24 Senate: Signed by President
- 03/11/24 Senate: Enrolled Bill Communicated to Governor on March 11, 2024
- 03/11/24 Governor: Governor's Action Deadline 11:59 p.m., April 8, 2024
- 04/08/24 Governor: Vetoed by Governor
- 04/17/24 Senate: Passed in enrolled form rejected (21-Y 18-N)
- 04/17/24 Senate: Requires 2/3 members present