Improve Price Transparency of Prescription Drugs Sold in Maine

Last updated: Mar 30, 2019

Details about this bill
Category: Pharmacy Related
Status: In Committee
Sponsor: Senator Bill Diamond, Senate 26 - Cumberland County
Session: 129
Bill #: LD 1409

Position:

Monitoring.

Summary:

Under current law, pharmacy benefits managers are required to register with the State. This bill imposes additional requirements on pharmacy benefits managers. The bill requires pharmacy benefits managers to file certain information with the State when registering and imposes an annual reporting requirement on pharmacy benefits managers related to rebates beginning June 1, 2020. The bill also requires that a carrier or pharmacy benefits manager certify on an annual basis that each health plan offered in this State by the carrier will pass on at least 50% of any prescription drug savings and rebates negotiated by the carrier's pharmacy benefits manager for the benefit of enrollees in the health plan.

In addition, the bill directs the Maine Health Data Organization to annually report to the Department of Professional and Financial Regulation, Bureau of Insurance information related to prescription drug costs and prescription drug price increases. The bill also directs the Superintendent of Insurance to require certain information related to price increases from drug manufacturers.