Creating a Prescription Drug Affordability Review Board, funding for an office of prescription drug affordability, crediting certain amounts to the general program operations account of the office of the commissioner of insurance, granting rulemaking authority, and making an appropriation. (FE)
Impact
The creation of this board signifies an important shift in state policy regarding healthcare affordability. By requiring the board to meet publicly four times a year and to review drug pricing information, the bill opens the door for greater transparency in how prescription drugs are priced. It also allows for public input, potentially reflecting the concerns of Wisconsin residents who are burdened by high drug costs. An additional function of the board will be to conduct affordability reviews of identified prescription drugs, which could lead to the establishment of upper payment limits for certain medications deemed unaffordable.
Summary
Assembly Bill 747 establishes a Prescription Drug Affordability Review Board aimed at helping Wisconsin residents manage the high costs associated with prescription drugs. The board will consist of members appointed by the governor from various sectors, including the pharmaceutical and health insurance industries, healthcare practitioners, and the general public. This initiative highlights the state's recognition of the pressing issue surrounding prescription drug pricing and the necessity for more structured oversight.
Contention
Concerns surrounding this bill may focus on the balance of power between stakeholders in the pharmaceutical industry and public health advocates. While the board is designed to address affordability, there may be contention regarding how it handles pricing strategies and negotiations with pharmaceutical companies. Opponents might argue that imposing limits could stifle innovation within the drug manufacturing sector, while supporters may argue that protecting consumers is paramount in fighting against exorbitant pricing practices.
Creating a Prescription Drug Affordability Review Board, funding for an office of prescription drug affordability, crediting certain amounts to the general program operations account of the office of the commissioner of insurance, granting rulemaking authority, and making an appropriation. (FE)
Enacting the prescription drug cost and affordability review act to establish the prescription drug pricing board and prescription drug affordability stakeholder council to review the cost of prescription medications and establish upper payment limits for certain prescription drugs.
Creating a Prescription Drug Affordability Review Board, funding for an office of prescription drug affordability, crediting certain amounts to the general program operations account of the office of the commissioner of insurance, granting rulemaking authority, and making an appropriation. (FE)