WV HB2831

Establishes a 5-member West Virginia Prescription Drug Affordability Board with expertise in health care economics or clinical medicine, appointed by the Governor, President of the Senate, Speaker of the House, Attorney General, and Insurance Commissioner, with staggered terms beginning in 2025

Creates a 26-member Prescription Drug Affordability Stakeholder Council comprising representatives from drug manufacturers, health care providers, insurers, pharmacists, labor unions, advocacy organizations, and other health care stakeholders to provide input to the board

Requires the board to study the pharmaceutical distribution and payment system by December 31, 2028, identify drugs with affordability challenges (including brand name drugs with launch costs of $30,000+ per year or price increases of $3,000+ in 12 months), and conduct cost reviews of identified prescription drug products

Authorizes the board to set upper payment limits on prescription drugs purchased by state and local governments, correctional facilities, state hospitals, and public employee health plans, subject to approval by either the Legislative Oversight Commission on Health and Human Resources or the Governor and Attorney General

Establishes the Prescription Drug Affordability Fund, funded by annual fees (capped at $2 million total) assessed on drug manufacturers, pharmacy benefits managers, insurers, and wholesale distributors operating in the state