VA HB483

Establishes a Prescription Drug Affordability Advisory Panel under the Secretary of Health and Human Resources, consisting of five Governor-appointed citizen members with expertise in drug pricing, health economics, or public health data, plus one ex officio member from the Secretary's office.

Requires the Panel to submit annual reports by December 31 (starting 2026) and quarterly updates on prescription drug pricing trends to the Governor, State Corporation Commission, and relevant legislative committee chairs.

Mandates that manufacturers and wholesale distributors cannot accept payment above the federal "maximum fair price" for referenced drugs sold to individuals in Virginia, and pharmacies must be reimbursed at least the maximum fair price or national acquisition cost plus dispensing fees.

Requires pharmacy benefits managers to disclose financial information including administrative fees, rebate retention, and payment details for referenced drugs upon request by the Panel.

Amends the All-Payer Claims Database to report annually on prescription drugs with price increases of 10 percent or more or rebate decreases of 10 percent or more, with the Panel receiving free access to database information.