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FLORIDA - Florida lawmakers are preparing for the upcoming legislative session with a new proposal designed to change how prescription drugs are priced and managed statewide.
The measure, known as House Bill 697 or the Prescription Reduction Incentives and Competition Enhancement Act, was filed by Rep. Jennifer Kincart Jonsson of Lakeland.
The bill seeks to address rising prescription costs by creating a pricing model that relies on international comparisons.
Drug manufacturers would be required to submit foreign price data to the Agency for Health Care Administration.
The agency would then determine the lowest price paid for the same drug in countries with similar economic and healthcare standards.
That figure would serve as the maximum amount insurers, Medicaid and pharmacies in Florida could be charged for the medication.
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Insurers would be required to document how any resulting savings are used to reduce premiums and patient cost-sharing.
Annual savings reports would be submitted to ensure compliance.
The proposal also includes new rules for Pharmacy Benefit Managers, which serve as intermediaries between drug manufacturers, insurers and pharmacies.
Under the bill, PBMs would not be allowed to mandate purchases from affiliated suppliers when lower-cost options are available.
The legislation would also require equal reimbursement rates for in-network and out-of-network pharmacies.
A final section of the bill focuses on formulary stability. Insurers and PBMs would be required to keep prescription formularies unchanged during a plan year.
This would prevent removing medications, adjusting drug tiers or increasing out-of-pocket costs once coverage begins.