Senate Bill 689 requires drug manufacturers and health benefit plan issuers who sell prescription drugs in West Virginia to provide cost information, changes in cost information, and prescription drug statistics to the State Auditor.
The bill requires the Auditor to publish this information on a searchable transparency website available to the public and disclose identities of drug manufacturers and health benefit plan issuers who fail to comply with the requirements.
Thee drug manufacturer shall submit the following information: (1) generic, brand-name or specialty drug with a wholesaler acquisition cost of at least $100 for a 30-day supply; and (2) a generic, brand-name or specialty drug manufactured by a drug manufacturer that recognizes a wholesale acquisition cost (WAC) increase of 40 percent or greater over the preceding three calendar years or 15 percent or greater in the previous calendar year.
The Auditor shall create a searchable pharmaceutical price transparency website containing prices specified available to the public at no cost.
The Auditor shall update the information displayed on the searchable pharmaceutical price transparency website within 30 days of receiving updated or revised information from a drug manufacturer or health plan issuer.
