AK HB42

Requires pharmacies to segregate discount-priced prescription drugs from regular stock using physical or electronic means and maintain separate, readily retrievable records of their acquisition and disposition.

Permits pharmacies to return discount-priced drugs only if they cannot be distributed due to approved changes in circumstances, including contract termination, pharmacy closure, disciplinary action, or closure of the covered entity.

Establishes that covered entities may not purchase covered outpatient drugs at prices higher than the average manufacturer price under the federal 340B program, reduced by applicable rebate percentages.

Allows covered entities to contract with pharmacies to dispense discounted prescription drugs obtained under the federal 340B program.

Requires the Department of Health and Social Services to conduct a study on feasibility of providing discounted prescription drugs to uninsured Alaskans and submit a report to the legislature by January 1, 2012, including analysis of covered entities, potential benefits, cost savings, and strategies for obtaining lower chronic drug prices.