WV HB5553

Authorizes the Public Employees Insurance Agency (PEIA) and Department of Human Services to voluntarily participate in federal prescription drug pricing programs, including most-favored-nation and international reference pricing models

Permits participation through direct purchasing agreements with pharmaceutical manufacturers, federally negotiated pricing arrangements, or utilization of federal benchmark/ceiling prices for reimbursement

Requires participation only if the responsible agency determines it serves the state's best financial interest and does not reduce beneficiary access to medically necessary drugs

Preserves state authority to administer its own pharmacy benefits and does not require adoption of a federal formulary

Mandates annual reports to the Joint Committee on Government and Finance by December 1 detailing program participation, estimated cost savings, and any access or administrative issues identified