InfoCenter Update: Breaking News! Florida Governor Approves New Drug Price Disclosure Bill

May 04, 2023

By Porzio Life Sciences

On May 3, 2023, the Governor of Florida approved Senate Bill (S.B. 1550), which will require prescription drug manufacturers to notify the Department of Business and Professional Regulation (“Department”) on the effective date of a reportable wholesale acquisition cost (“WAC”) increase.

A reportable drug price increase is one that results in a 15% or more increase during the previous 12-month period, or 40% or more during the previous 3 calendar years, for a drug with a WAC of at least $100 for a course of therapy.

Manufacturers that submit notifications as described above must also submit a report to the Department annually by April 1.

According to the Florida legislative website, S.B. 1550 will become effective on July 1, 2023.

For more information, and to view a copy of S.B. 1550, please visit the Florida Price/Cost Disclosure section of the Transparency and Limitations Database on the PCD.

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