Establishes the Prescription Drug Affordability Board in Virginia to review and set upper payment limits on prescription drug costs.
The bill establishes the Prescription Drug Affordability Board within the Department of Medical Assistance Services to address high prescription drug costs in Virginia. The Board will review prescription drug products to determine if they create affordability challenges or high out-of-pocket costs for patients. It will set upper payment limits for these drugs, excluding pharmacy dispensing fees and provider administration fees. The Board will consider factors such as wholesale acquisition costs, patient access, and manufacturer concessions.
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