AK HB370

Requires pharmacies to segregate and maintain separate records for prescription drugs purchased through federal discount pricing programs under 42 U.S.C. 256b (Social Security Act Title III).

Prohibits pharmacies from returning discounted drugs except when unable to distribute them due to circumstances approved by the Department of Health and Social Services, including contract termination, pharmacy closure, disciplinary action, or closure of an eligible covered entity.

Establishes that covered entities may not purchase covered outpatient drugs at prices higher than the average manufacturer price reduced by applicable rebate percentages under federal law.

Requires the commissioner to notify all eligible health care providers and facilities in Alaska of their eligibility to participate in prescription drug discount pricing.

Directs the Department of Health and Social Services to study the feasibility of providing discounted prescription drug pricing to uninsured Alaskans and submit a report to the legislature by January 1, 2011, including analysis of eligible entities, estimated cost savings, and pricing strategies.