Illinois General Assembly - Bill Status for HB3493

Creates the Prescription Drug Affordability Act. Defines terms. Creates the Prescription Drug Affordability Board and includes provisions regarding: purpose; members; alternate members; conflict of interest; terms; additional staff; salary; compensation and reimbursement; and meetings. Creates the Prescription Drug Affordability Stakeholder Council and includes provisions regarding: purpose; members; knowledge requirements; terms; and compensation. Provides the manner in which a conflict of interest shall be disclosed. Provides that gifts or donations of services or property that indicate a potential conflict of interest may not be accepted by any member of the Board, Board staff, or third-party contractor. Includes provisions on applicability. Provides that the Board shall identify specified prescription drug products and determine whether each prescription drug product should be subject to a cost review. Provides that if the Board finds that spending on a prescription drug product creates affordability challenges, the Board shall establish an upper payment limit that applies to all purchases and payor reimbursements. Includes provisions regarding remedies and an appeal process. Creates the Prescription Drug Affordability Fund. Provides that the Board shall submit a report to the General Assembly including specified information. Includes a provision on term expiration for Board and Council members. Provides that the Board shall conduct a study of the operation of the generic drug market that includes specified information on or before June 1, 2020. Makes conforming changes in the State Finance Act. Effective immediately.

Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill creating the Prescription Drug Affordability Act, and makes changes. Modifies provisions concerning the membership and powers of the Prescription Drug Affordability Board. Modifies provisions concerning the membership of the Prescription Drug Affordability Stakeholder Council. Specifies requirements concerning drug cost affordability review. Provides additional duties power and duties for the Attorney General concerning remedies under the Act. Provides additional Board reporting requirements under the Act. Provides requirements concerning Employee Retirement Income Security Act (ERISA) plans and Medicare Part D plans. Provides findings provisions. Makes other changes. Effective January 1, 2021.

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