Proposed legislation aimed at lowering the cost of prescription drugs in Florida

FLORIDA — Governor Ron DeSantis has proposed legislation that he says will lower prescription drug prices in Florida.

DeSantis said his legislative proposal is aimed at enacting comprehensive reforms to Pharmacy Benefit Managers (PBMs) and will drive transparency among prescription drug prices. He announced his proposal last week.

“These reforms will enhance transparency and reduce the influence of pharmacy middlemen, which will help consumers as well as our small pharmacies,” said DeSantis.

“I look forward to these reforms becoming law.”

The governor said consumer choice remains a top priority when it comes to prescription drugs. His proposal includes steps towards lowering prescription drug prices and increasing accountability, including prohibiting spread pricing, prohibiting reimbursement clawbacks, and tackling issues with steering, he said.

The legislative proposal includes the following:

• Requires PBMs to disclose all organizations affiliated with the applicant, including any affiliated pharmacies or companies within their corporate umbrella.
• Requires PBMs to disclose any complaints or settlement agreements they’ve been party to prior to operating in Florida.
• Directs the Office of Insurance Regulation to take action against PBMs which violate state law and hold them accountable, as is consistent with all insurers.

The following is also included in the prosed legislation:

• Proposing a public disclosure requirement for all proposed drug price increases.
• Requiring all manufacturers to submit an annual report outlining and justifying any increases over the past year.

The legislation makes PBMs provide information on complaints and settlements they have been involved in when applying for a state license, imposing accountability standards that have not existed before, according to the governor’s announcement.

To read the full proposal, click here.

Florida’s prescription drug price transparency portal, MyFloridaRX.com, offers a Prescription Drug Price Locator.