Establishes "Equitable Drug Pricing and Patient Access Act."

This bill establishes New Jersey's "Equitable Drug Pricing and Patient Access Act," requiring Medicaid to pay pharmacies at least the national average drug cost plus a $10.92 dispensing fee for all covered prescriptions, applying to both direct Medicaid services and managed care plans. It mandates that Medicaid managed care plans must allow patients to choose any participating pharmacy without restrictions and prohibit plans from unfairly blocking pharmacies from joining under unequal terms. The bill also requires the State Auditor to audit Medicaid drug spending flows from managed care organizations to pharmacies to identify potential state savings. These provisions address rising Medicaid prescription costs, which increased by $700 million (3.3%) from $2.1 billion in FY 2019 to $2.8 billion in FY 2024.