SB24-077 Summary

• Requires each prescription drug manufacturer with drugs available for purchase in Colorado to register with and pay a registration fee to the Division of Insurance, effective January 1, 2025.

• Mandates that manufacturers offering a copayment assistance program must continue offering it to enrolled covered persons for the entire plan year or calendar year (whichever applies to deductible calculations) for as long as they remain enrolled in their health benefit plan.

• Defines "copayment assistance program" as a manufacturer-offered program, including coupons or other discounts, that reduces or eliminates out-of-pocket costs for prescription drugs.

• Classifies violations of these requirements as unfair methods of competition and unfair or deceptive acts or practices under Colorado insurance law, subject to enforcement by the Commissioner of Insurance.

• Takes effect 90 days after final adjournment of the general assembly, or after voter approval if a referendum petition is filed.