Florida Rep. Jennifer Kincart Jonsson has introduced legislation aimed at reducing prescription medication costs for state residents through increased regulation of drug pricing and pharmacy benefit managers.

The Prescription Reduction Incentives and Competition Enhancement (PRICE) Act, filed as HB 697, would implement several policy changes affecting how drugs are priced and managed in Florida.

Key Provisions

International Price Benchmarking

The bill would establish a “most favored nation” pricing system requiring drug manufacturers to report international pricing to Florida. The state Agency for Health Care Administration would identify the lowest price paid in economically comparable countries and set that as the maximum price for commercial insurers, Medicaid, and pharmacies. Insurers would be required to report annual savings to demonstrate cost reductions reach consumers through lower premiums and out-of-pocket expenses.

Pharmacy Benefit Manager Oversight

The legislation would increase regulation of pharmacy benefit managers, which negotiate drug benefits between manufacturers, insurers, and pharmacies. Under the proposed rules, PBMs could not require pharmacies to purchase from PBM-affiliated manufacturers when cheaper alternatives exist. The bill also mandates equal reimbursement rates for in-network and out-of-network pharmacies.

Formulary Protections

The act would require insurers and PBMs to maintain stable drug coverage lists throughout the plan year, prohibiting mid-year removal of medications, changes to coverage tiers, or increases in patient costs.

The bill is part of what lawmakers are calling Florida’s New Frontier in Healthcare as the state’s next legislative session approaches.

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