SB 1680 Summary

• Establishes the Prescription Drug Affordability Board as an independent state agency with five members and three alternates appointed by the governor to protect residents and stakeholders from high prescription drug costs.

• Board identifies prescription drug products meeting affordability thresholds (brand-name drugs with $30,000+ launch cost or $3,000+ annual increase, biosimilars not 15% cheaper than reference biologic, generic drugs at $100+ per supply or 200%+ price increases) and conducts cost affordability reviews.

• Board may establish upper-payment limits on prescription drug purchases and payor reimbursements if a reviewed drug creates affordability challenges, applying to all state-sponsored and state-regulated health plans and healthcare providers in Arizona.

• Creates the Prescription Drug Affordability Stakeholder Council with 20 members representing health advocates, seniors, healthcare providers, insurers, manufacturers, employers, and other stakeholders to provide input on board decisions.

• Establishes a Prescription Drug Affordability Fund financed by annual assessments on manufacturers based on their share of gross drug revenues in Arizona to support board operations.