IN SB0492

Establishes a generically equivalent drug product Medicaid reimbursement program requiring the Drug Utilization Review Board to set reimbursement rates for therapeutic drug classifications with at least two generic drug products

Requires generic drug manufacturers to submit their proposed costs to the board in order to participate in Indiana's Medicaid program, with submitted costs not exceeding the maximum allowable rate set by the Office of Medicaid Policy and Planning

Implements a phased timeline: rates for the 5 most expensive generic drug classifications due by January 1, 2012; rates for the 5 most frequently prescribed generic classifications due by May 1, 2012; all remaining classifications due by September 1, 2012

Defines "generically equivalent drug product" as a multiple source drug with identical active ingredients, quantity, and dosage form as the brand name drug, meeting USP standards and FDA approval requirements

Effective date of July 1, 2011