Prescription drugs; price transparency, definitions.

Prescription drug price transparency. Requires every health carrier, pharmacy benefits manager, wholesale drug distributer, and drug manufacturer to report information about prescription drug prices to the Department of Health and requires the Department to make such information available on its website. The bill also provides that, beginning January 1, 2022, a health plan enrollee's defined cost sharing for each prescription drug shall be calculated at the point of sale based on a price that is reduced by an amount equal to at least 80 percent of all rebates received, or to be received, in connection with the dispensing or administration of the prescription drug. The bill also requires the Bureau of Insurance to (i) identify all statutory and regulatory provisions from which health plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) are exempted and (ii) determine the financial impact, if any, of application of such statutory and regulatory provisions such health plans, and to report its finding to the Chairman of the House Committees on Health, Welfare and Institutions and Labor and Commerce and the Chairmen of the Senate Committees on Commerce and Labor and Education and Health by October 1, 2021