HB 51 – New Mexico

Status: Inactive / Dead
Year Introduced: 2023
Link: https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legType=B&legNo=51&year=23

Prescription drug affordability board act.
House Bill 51 would establish the Prescription Drug Affordability Board with authority to assess pharmaceutical managers, prescription benefit managers, and wholesale drug distributors up to $2,000 annually to help fund the program. The bill would create a five-member Prescription Drug Affordability Board (PDAB). Powers and duties of the board would include
• Developing strategies to lower prescription drug costs for stakeholders,
• Recommending regulatory approaches for lowering the cost of prescription drugs,
• Examining the possibility of coordinating with a group of prescription drug purchasers to select a wholesaler for joint purchasing or joining an existing purchasing cooperative,
• Entering into contracts with qualified parties and services to conduct the powers and the duties of the board,
• Examining the feasibility of contracting with a pharmacy benefits manager (PBMs) to lower the cost of prescription drugs,
• Performing education and outreach activities about cost-saving initiatives, and
• Conducting public hearings.

OSI would provide the board with relevant information, especially with regard to the 30 highest total-cost drugs and rebates provided by PBMs. Revenue from any assessment would be deposited in the nonreverting prescription drug affordability board fund and used to support the board. Under HB51, the board would be required to report to the Legislature before November 30 of each year on drug price trends, actions it has taken.

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