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NJ S3703
Bill
Status
9/30/2024
Primary Sponsor
Joseph Vitale
Click for details
AI Summary
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Requires health insurance carriers to calculate patient cost sharing (copays, coinsurance) for prescription drugs based on the final net price paid by the carrier, not the initial list price
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The final cost must reflect any price reductions from negotiations by the carrier or its pharmacy benefits manager, as well as any rebates, discounts, or other compensation from drug manufacturers
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Defines "compensation" broadly to include rebates, discounts, credits, fees, grants, chargebacks, and any other direct or indirect financial benefits tied to drug utilization or plan enrollment
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Applies to all licensed health insurers in New Jersey, including health maintenance organizations, as well as the State Health Benefits Program and School Employees' Health Benefits Program
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Takes effect for health benefits plans issued or renewed on or after January 1 of the calendar year following enactment
Legislative Description
Requires cost sharing amounts for certain prescription drug benefits to be based on final cost to carrier.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
9/30/2024