Establishes the Prescription Drug Affordability Board to review and set upper payment limits for prescription drugs in Virginia.
The bill establishes the Prescription Drug Affordability Board in Virginia to review prescription drug prices and set upper payment limits to address affordability challenges. The Board will consider factors such as wholesale acquisition costs, market competition, and patient access. It will also establish a stakeholder council for public engagement. Manufacturers must report drug prices and costs to the Board. The Board can set upper payment limits for drugs that create affordability challenges, which will apply to state-sponsored and state-regulated health plans.
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