Rhode Island S2384 aims to protect residents from excessive prescription drug prices by setting a maximum fair price and penalizing non-compliance.

Rhode Island S2384 establishes a maximum fair price for prescription drugs to protect residents from excessive costs. The bill prohibits the state, participating ERISA plans, and health plans from purchasing drugs at a cost higher than this maximum fair price. It also mandates that savings from adhering to this price cap be used to reduce costs for consumers. The bill includes penalties for manufacturers who fail to negotiate in good faith or withdraw drugs to avoid price limitations. The insurance commissioner is tasked with enforcing these provisions and assessing penalties.

Rhode Island S2384 aims to protect residents from excessive prescription drug prices by setting a maximum fair price and penalizing non-compliance.

Rhode Island S2384 establishes a maximum fair price for prescription drugs to protect residents from excessive costs. The bill prohibits the state, participating ERISA plans, and health plans from purchasing drugs at a cost higher than this maximum fair price. It also mandates that savings from adhering to this price cap be used to reduce costs for consumers. The bill includes penalties for manufacturers who fail to negotiate in good faith or withdraw drugs to avoid price limitations. The insurance commissioner is tasked with enforcing these provisions and assessing penalties.