FL S1550

Requires prescription drug manufacturers to notify the Department of Business and Professional Regulation on the effective date of any "reportable drug price increase," defined as a 15% or more increase in wholesale acquisition cost over 12 months or a cumulative 30% or more increase over 3 years for drugs costing at least $100 per course of therapy, and to submit annual reports detailing the factors justifying each increase

Requires pharmacy benefit managers (PBMs) to obtain a certificate of authority as administrators by January 1, 2024, with a $10,000 per violation per day penalty for noncompliance, and mandates biennial examinations of PBMs by the Office of Insurance Regulation beginning January 1, 2025

Mandates that PBM contracts with pharmacy benefits plans use a pass-through pricing model, prohibits spread pricing unless the difference is passed to the plan, and requires PBMs to pass 100% of manufacturer rebates to the pharmacy benefits plan for the purpose of reducing premiums and cost-sharing for covered persons

Prohibits PBMs from engaging in financial clawbacks or retroactive reconciliation offsets against pharmacies, restricting pharmacists from disclosing drug pricing or treatment information, requiring covered persons to use mail-order or affiliated pharmacies, or imposing accreditation standards more stringent than state and federal licensure requirements

Appropriates $980,705 in recurring funds and $146,820 in nonrecurring funds from the Insurance Regulatory Trust Fund to the Office of Insurance Regulation, along with 10 full-time equivalent positions, for implementation effective July 1, 2023