H.F. 1668 - Prescription Drug Affordability Act Summary

• Establishes a seven-member Prescription Drug Affordability Commission appointed by the governor and legislative leaders to protect consumers and health care systems from excessive prescription drug costs.

• Requires drug manufacturers to notify the commission of patent-protected brand drugs with WAC increases exceeding 10% or $10,000 annually, or generic drugs with increases exceeding 25% or $300 annually, at least 30 days before the increase takes effect.

• Authorizes the commission to conduct cost reviews of reported drugs and establish maximum reimbursement rates if it determines the drug creates excess costs for health care systems over a ten-year period, considering factors like pricing, discounts, therapeutic alternatives, and manufacturer costs.

• Creates an 11-member advisory council representing patients, providers, insurers, employers, pharmaceutical manufacturers, and clinical researchers to advise the commission on drug cost issues.

• Directs the commission to submit annual reports beginning March 1, 2020, on prescription drug price trends and cost review outcomes, and appropriates funds from the general fund for fiscal year 2020.