SB 210 - Prescription Drugs; Cost Sharing

• Requires covered persons' cost sharing for prescription drugs to be calculated at point of sale based on a price reduced by at least 85 percent of all rebates received or anticipated to be received by the health care insurer or pharmacy benefits manager.

• Allows health care insurers to reduce cost sharing by amounts greater than the 85 percent rebate requirement and permits out-of-network pharmacy reimbursement using the same 85 percent rebate reduction calculation.

• Protects confidentiality of rebate information on a product-specific, manufacturer-specific, or pharmacy-specific basis, except as required to comply with the cost sharing requirements.

• Adds definitions for "rebate," "cost sharing," "price protection rebate," and "network pharmacy" to Alaska insurance statutes for HMO and health insurance regulations.

• Takes effect January 1, 2023, and applies to insurance policies or contracts issued, delivered, or renewed on or after that date.