Health Insurance - Prescription Drug Formularies and Coverage for Generic Drugs and Biosimilars

SB 393 requires health insurance carriers (including insurers, nonprofit health plans, and HMOs) to post complete, accessible prescription drug formularies on their websites without requiring login or policy numbers. It mandates that formularies clearly show drug tiers, restrictions, and any changes made during a plan year must be highlighted with the date and description within 30 days. The bill also requires carriers to immediately offer generic drugs and biosimilars on formularies with better cost-sharing terms than the brand-name reference drugs when available. This directly affects Maryland health plan enrollees by improving transparency and access to lower-cost medication options.