AN ACT relating to the Kentucky Prescription Drug Affordability Board and making an appropriation therefor.

Create new sections of KRS Chapter 194A to establish the Kentucky Prescription Drug Affordability Board; establish the duties and membership of the board; provide that the board be a budgetary unit of the Office of Data Analytics; authorize the board to promulgate administrative regulations; establish conflict of interest requirements for board members, staff, and third-party contractors; create the Kentucky Prescription Drug Affordability Board fund; require the Office of Data Analytics to assess and collect an annual fee from manufacturers and wholesale distributors of prescription drugs, pharmacy benefit managers, health insurers, and any other administrator of pharmacy benefits; require the board to conduct annual affordability reviews of prescription drugs and establish criteria relating to the review; require the board to submit an annual report related to prescription drug pricing; amend KRS 304.2-100 to require the commissioner of insurance to assist the Office of Data Analytics in carrying out the provisions of the Act; require the board to submit a report relating to setting upper payment limits on purchases and payor reimbursements of prescriptions drugs; establish requirements for appointments to the board; require the board's first meeting to take place within 30 days of the appointment of all members.