Governor Ron DeSantis Announces Implementation of Florida’s Prescription Drug Reform Act
The Floridant/10245374

TALLAHASSEE, Fla. ~ Today, Governor Ron DeSantis and members of the Florida Cabinet approved rules to implement several provisions of the Prescription Drug Reform Act (SB 1550). This bill institutes the most comprehensive reforms to Florida's prescription drug market in state history.

Governor DeSantis stated, "We are committed to making Florida's prescription drug market the most transparent and accountable in the nation. For too long, PBMs and Big Pharma have made extraordinary windfalls by operating behind closed doors — deciding which prescriptions are covered, where they can be purchased, and how much they cost. These rules will continue our efforts to lower prescription costs and make corporations responsible to the patients they serve."

The rules approved today include all application forms for PBMs seeking to operate in Florida after December 31, 2023. Any PBM that attempts to continue operating in Florida on or after January 1, 2024, that has not been approved as an insurance administrator will be subject to fines totaling $10,000 per violation per day. The Office of Insurance Regulation (OIR) also issued additional information to all stakeholders outlining the method by which PBMs must report appeals from network pharmacies and pharmacists and the forms for health plans and payors to annually attest compliance with Florida law.

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The Department of Business and Professional Regulation initiated rulemaking this summer to implement additional provisions of SB 1550 requiring Big Pharma to provide notice when increasing the cost of prescription drugs. Prescription drug manufacturers must disclose all price hikes that result in a 15% increase within a calendar year or 30% increase within a three-year period both on the effective date of the increase and through an annual cumulative report citing the contributing factor for the reported increases.

Today's approval of rules implementing several provisions of SB 1550 is part of Governor DeSantis' commitment to making Florida's prescription drug market more transparent and accountable. The new regulations will help ensure that PBMs are held responsible for their actions while also providing more information about price increases from Big Pharma so consumers can make informed decisions about their healthcare needs.

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