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SB 6088 - Establishes a Prescription Drug Affordability Board - Washington Key Vote

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Title: Establishes a Prescription Drug Affordability Board

Vote Smart's Synopsis:

Vote to concur with house amendments and pass a bill that establishes a prescription drug affordability board.

Highlights:

 

  • Establishes the prescription drug affordability board which will be comprised of individuals who have expertise in health care economics or clinical medicine, as appointed by the governor (Sec. 2).

  • Prohibits any board member from being an employee of, a board member of, or consultant to, a prescription drug manufacturer, pharmacy benefit manager, health carrier, prescription drug wholesale distributor, or related trade association (Sec. 2).

  • Requires the board to provide recommendations for the means and methodologies to establish a cost growth benchmark related to prescription drugs (Sec. 3).

  • Requires the board to identify following by June 30, 2021, and yearly thereafter (Sec. 3):

    • Brand name prescription drugs and biological products that:

      • Are introduced to the market with a wholesale acquisition cost of $30,000 or more per year or course of treatment lasting less than one year; or

      • Have a price increase of $2,000 or more in any 12-month period; 

    • Biosimilar products that have a launch wholesale acquisition cost that is not at least 15 percent lower than the reference brand biological product at the time the biological is launched; 

    • Generic drugs with a wholesale acquisition cost of $100 or more for a 30-day supply or less that has increased in price by 200 percent or more in the preceding 12 months; 

    • Any prescription drug or biological products exceeding the relevant benchmark established by the health care cost transparency board; and

    • Any other prescription drug or biological product the board believes the manufacturer’s pricing may exceed the proposed value of the products.

  • Authorizes the board to conduct a cost review of any prescription drug or biological product identified in section 3 (Sec. 4).

  • Specifies that for prescription drugs or biological products chosen for a cost review, the board must determine whether the manufacturer’s pricing of the drug or product substantially exceeds the proposed value of the drug or product (Sec. 4).

  • Authorizes the board to examine publicly available information as well as collect information from the drug manufacturer and other relevant sources (Sec. 4).

Title: Establishes a Prescription Drug Affordability Board

Title: Establishes a Prescription Drug Affordability Board

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