RI S2384

Prohibits state entities, health plans, and participating ERISA plans from purchasing or seeking reimbursement for "referenced drugs" at prices exceeding the federal "maximum fair price" established by HHS under the Inflation Reduction Act (P.L. 117-169)

Requires ERISA plans to opt-in by notifying the insurance commissioner in writing by February 1 each year to participate in the price protection provisions

Mandates that any savings generated from the price caps be used to reduce costs for consumers, with consideration for promoting health equity; annual savings reports due to the insurance commissioner by April 1

Imposes $1,000 fine per violation for exceeding price caps, with each transaction constituting a separate violation; Attorney General authorized to enforce

Penalizes manufacturers who withdraw referenced drugs from Rhode Island's market or refuse to negotiate in good faith, with fines of $500,000 or the amount of annual savings lost, whichever is greater; requires 180 days written notice before any drug withdrawal