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Senate Commerce Committee Statement to Senate, No. 1615 (State of New Jersey, March 14, 2022)

Summary

This is the Senate Commerce Committee Statement to Senate, No. 1615, State of New Jersey, dated March 14, 2022. The committee reports favorably Senate Bill No. 1615, which establishes data reporting requirements for pharmacy benefits managers (PBMs), wholesale drug distributors, insurance issuers, and manufacturers so the Division of Consumer Affairs can issue an annual report on prescription drug pricing trends. The bill requires a manufacturer to notify the department if it increases the wholesale acquisition cost by more than 10 percent per unit for a brand-name drug, or for a generic drug priced at more than $10 per unit. It also appropriates $900,000 from the General Fund to the Division of Consumer Affairs, and the statement says the bill is identical to Assembly Bill No. 2840 as reported by the committee.

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Cite this document

“Senate Commerce Committee Statement to Senate, No. 1615 (State of New Jersey, March 14, 2022).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-03-14-scm-s1615-s1-5fe8f3ea2f/, SHA-256 6b36bd706b32280e08e0f1b793d785eb24e6e969cd4dee876910e20ae0be1832.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 1615

 STATE OF NEW JERSEY
                    DATED: MARCH 14, 2022

   The Senate Commerce Committee reports favorably Senate Bill
No. 1615.
   This bill establishes data reporting requirements for pharmacy
benefits managers (PBMs), wholesale drug distributors, insurance
issuers, and manufacturers so that the Division of Consumer Affairs
can issue an annual report on emerging trends in prescription drug
pricing at each stage of the supply chain. Every year, each of these
reporting entities must register with the department and report on
measures such as the volume, sales, revenue and year-over-year
change in prescription drug transactions. Once the department
compiles this information and publishes its annual report on
prescription drug pricing trends, it must hold a public hearing on the
findings.
   The bill also mandates that a manufacturer notify the department
if it is increasing the price of a prescription drug or if it is
introducing: a new drug with a wholesale acquisition cost of $670
per unit or more or a biosimilar drug that has a wholesale
acquisition cost that is not at least 15 percent less than the
wholesale acquisition cost of the referenced brand biologic at the
time the biosimilar is launched. The price increase reporting
requirement applies in any case where a manufacturer increases the
wholesale acquisition cost by more than 10 percent per unit for any
brand-name drug or any generic drug priced at more than $10 per
unit.
   The bill appropriates from the General Fund to the Division of
Consumer Affairs in the Department of Law and Public Safety
$900,000 to implement the provisions of the bill.
    As reported by the committee, this bill is identical to Assembly
Bill No. 2840.
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