HB3493 - Prescription Drug Affordability Act

• Creates the Prescription Drug Affordability Board with 5 members appointed by the Governor, Senate President, House Speaker, Attorney General, and jointly by legislative leaders to review prescription drug costs and establish upper payment limits when affordability challenges are identified.

• Board identifies prescription drugs for cost review based on specified thresholds: brand-name drugs with launch costs of $30,000+ or annual increases of $3,000+, biosimilars priced less than 15% below reference biologics, and generic drugs with $100+ cost or 200%+ price increases.

• Establishes the Prescription Drug Affordability Stakeholder Council with 21 members representing healthcare providers, patients, insurers, manufacturers, researchers, and other stakeholders to provide input on Board decisions.

• Creates the Prescription Drug Affordability Board Fund financed through assessments on all drug manufacturers based on their share of gross drug sales revenue.

• Requires Board to submit annual reports on prescription drug price trends and conduct a study of generic drug market operations by June 1, 2020; allows persons to appeal Board decisions within 30 days and seek judicial review.