AN ACT RELATING TO FOOD AND DRUGS -- PRESCRIPTION DRUG COST PROTECTION

Senate Bill 468 establishes a maximum price for certain prescription drugs in Rhode Island. It prohibits state agencies, health insurance plans, and participating ERISA plans (if they opt-in) from purchasing "referenced drugs" for a cost higher than a federally determined maximum fair price. Any savings generated from these price limitations must be used to reduce costs for consumers or plan members, and entities must report these savings annually to the insurance commissioner.