VA HB1109

Requires managed care organizations and pharmacy benefits managers to use standardized methodologies for reporting drug expenditures, rebates, cost components, utilization rates, and prescription volumes to the Department of Medical Assistance Services and Centers for Medicare and Medicaid Services

Mandates public disclosure of all transactions related to drug pricing, rebates negotiated by pharmacy benefits managers, and reimbursements to ensure transparency in cost-sharing arrangements

Requires managed care organizations to undergo independent audits of their data reporting practices every two years, with results reported to state and federal agencies

Establishes a compliance unit within the Department of Medical Assistance Services to oversee data accuracy, provide training, and enforce reporting requirements

Authorizes penalties for non-compliance including civil penalties up to $10,000, suspension from administering medical assistance services, and mandatory corrective action plans